en.Wedoany.com Reported - Botswana's Mining Minister Bogolo Joy Kenewendo recently stated that demand in the world's major diamond consumer markets is showing signs of a modest recovery, partly attributed to global marketing campaigns for natural diamonds. Kenewendo noted that although initial recovery has emerged in key markets, Botswana, where diamond revenue typically accounts for one-third of national income, will maintain its current supply strategy to support the persistently sluggish global gemstone market.
The global diamond market continues to face pressure due to economic uncertainty and the proliferation of synthetic diamonds. Last year, Debswana Diamond Company, a joint venture between Botswana and De Beers that accounts for 90% of the country's total diamond sales, suspended production at some mines. Kenewendo said: "We have cleared inventory in Botswana and are now focused on managing rough diamonds. We will continue to exercise discipline, as various market conditions require us to maintain a certain level of discipline in this regard."
Against the backdrop of falling diamond prices and the global rise of lab-grown diamonds, Anglo American has put De Beers up for sale as part of its large-scale restructuring plan. This move has attracted interest from Botswana, Angola, and Namibia, with Botswana already holding a 15% stake in De Beers. Kenewendo revealed that related negotiations have entered the "final stage" but provided no further details due to confidentiality clauses involved in the talks.
Angola's Mining Minister Diamantino Pedro Azevedo said on Monday that the government is seeking a "stake that gives us a say in strategic matters" and maintains a "fully aligned" position with Botswana regarding the sale of De Beers' equity. De Beers CEO Al Cook stated last week that a deal could be reached within weeks, with the new ownership structure adopting a public-private partnership model. Sources revealed that two consortia remain in the bidding process, down from six previously. The remaining bidders include governments of diamond-producing countries, former De Beers CEO Gareth Penny (now chairman of asset management firm Ninety One), a Qatari investment fund, and Israeli businessman Nir Livnat.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
