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IPFS News Link • Business/ Commerce

Botswana's Rough Diamond Exports Crash 66%

• by Tyler Durden

De Beers Group, the world's largest diamond company, received about 70% of its supply from Botswana, warned last month it was "paralyzed by the pandemic" as diamond demand slumped worldwide. 

Exports of diamonds from Debswana Diamond Company Limited, a joint venture mining operation between Botswana and De Beers, was approximately $293 million in 2Q20, down from $916 million in the previous quarter.

Bank of Botswana's data showed no diamonds were exported in May, while only $20 million worth were shipped in June. 

De Beers first realized waning diamond demand before the virus pandemic, was accelerated during lockdowns, and is now having a ripple effect that is set to wreak havoc on Botswana's finances.