, Botswana’s central bank data on Tuesday showed, as demand for gems slowed amid global economic uncertainty.
Botswana and De Beers in June agreed to a new 10-year diamond sales agreement, which will raise ODC’s share of Debswana output to 30% before it goes up to 40% in five years and eventually 50% by the end of the new contract. In the nine months up to September, Debswana sold diamonds worth $2.811 billion, down 21.4% from $3.578 billion sold in the same period last year.
While Debswana sales have been affected by weak global consumer demand, the company has not cut back production, with figures released by Anglo American last week showing the joint venture’s output edged up 1% in the nine months, to 18.5 million carats compared to the same period last year.
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