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Botswana Debswana Reports A 37.5% Increase In 9-Month Diamond Sales

Debswana Diamond Company's rough diamond sales increased 37.5% in the first nine months of 2022, according to Bank of Botswana statistics released Tuesday, driven by steady demand for jewellery.

Debswana, a joint venture between Anglo American unit De Beers and the Botswana government, sells 75% of its output to De Beers, with the remainder purchased by the state-owned Okavango Diamond Company. According to central bank data, Debswana's January-September sales increased to $3.578 billion from $2.602 billion the previous year. Debswana's rough diamond sales increased 52.5% to 43.237 billion pula in Botswana's pula currency, reflecting a stronger dollar during the period.

The nine-month sales outperform the company's full-year results in 2021, which totaled $3.466 billion and 38.134 billion pula. Debswana accounts for nearly all diamonds produced in Botswana, with Lucara's Karowe mine the country's only other operating diamond mine. Diamonds account for approximately 30% of Botswana's revenue and 70% of its foreign exchange earnings. De Beers, on the other hand, sees the risk of the market slowing down in the coming months due to a deterioration in global economic conditions, lower consumer spending, and continued Chinese COVID-19 lockdowns.

"In line with normal seasonal trends," parent company Anglo American said last week, "we anticipate that sales in the final quarter of the year will be impacted by the normal temporary closure of cutting and polishing factories in India for religious holidays."

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