Rough diamond sales by Debswana Diamond Company reached record levels in 2022 jumping up by 22% from the previous year. The jump in sales has resulted from the West’s shunning of Russian stones whereby Botswana profited from steady global demand for diamond jewellery.
Central Bank data reports that sales of diamonds from Debswana stood at $4.588 billion in 2022 compared to $3.466 billion in 2021.
A joint venture betwAnglo-Americanican unit De Beers and Botswana’s government, Debswana sells 75% of its output to De Beers with the balance taken up by the state-owned Okavango Diamond Company.
Debswana accounts for most diamonds produced in Botswana, with Lucara’s Karowe mine being the only other operating diamond mine in the country.
Currently, Botswana generates about 30% of its revenue and 70% of its foreign exchange earnings from diamonds.
Due to the robust performance of its diamonds, the country recorded a 66% jump in mineral revenues in the first six months of the fiscal year ending in March, leading to a 0.55% budget surplus in the period, according to the ministry of finance.