Reports out of Botswana are agog with the retrenchment taking place in the country’s diamond cutting and polishing industry. This is attributed to high rough prices; polished prices being flat or negative and a lack of liquidity.

Mmegionline reported that as many as 1000 employees  have been laid-off  in the past year, from about 3,700 employees working in  the sector at peak employment levels.

While two companies – Teemane and DMB – were shut down, several others have been retrenching employees steadily.

Many of  those who have been retained have been asked to remain at home, the report said, and are consequently uncertain if they will be paid.