Debswana Diamond Company (Pty) Ltd announced recently on its website that the Company’s production had increased by 11% to 22.7 million carats, as compared to 20.5 million carats produced in 2016.

Providing more details, the Company said that Orapa’s production had jumped 28% in the period, “mainly driven by planned increases in plant performance and the ramp-up of Plant I”. Also, Debswana added, Jwaneng, which it described as the richest diamond mine in the world by value, processed its first lot of ore from Cut-8; which is expected to be the main source of ore in 2018.   

In related media stories out of Gaborone, it is reported that Debswana’s sales grew by 16%; and the Company declared  a 20%  increase in earnings before interest, tax and amortisation.

De Beers Executive Vice-President, Diamond Trading, Paul Rowley, is reported by Reuters as saying that “a weaker dollar had boosted diamond sales and he expected global demand for diamonds to rise again this year after rising 3-4 percent in 2017”.

The Reuters report also stated that   growth is expected this year as “lower taxes in the United States leave consumers with more to spend on luxury goods”.

 “With stable and improving macroeconomics, particularly in the USA, we will see growth of the same order of magnitude or perhaps slight(ly) higher in 2018,” the report quoted Debswana’s managing director Balisi Bonyongo as saying. He is said to have added that the Company “would continue its strategy of mining to meet demand”.

Pic Caption: Haul Trucks
Pic Courtesy: Debswana Diamond Company (Pty) Ltd