Botswana’s Diamond Giant Slashes Output Amid Weak Demand, Lab-Grown Rivals | Firstpost Africa | N18G
Botswana’s Diamond Giant Slashes Output Amid Weak Demand, Lab-Grown Rivals | Firstpost Africa | N18GBotswana, the world’s top diamond producer by value, is slashing output as global demand for natural diamonds plunges, driven by lab-grown alternatives and shifting consumer trends. State-owned Debswana has halted major mines, cutting production by 40% from 2023 levels. Diamond revenues, which power 30% of GDP and 80% of exports, fell nearly 50% last year. The slowdown has pushed Botswana’s economy into contraction and deepened its budget deficit. Despite a new 10-year sales deal with De Beers, the country now faces urgent pressure to diversify and stabilise. Watch the video to know more.
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