Botswana gets about 30% of its revenues and 70% of its foreign exchange earnings from diamonds. (Reporting by Brian Benza; Editing by Bhargav Acharya and Jonathan Oatis)
GABORONE, April 28 (Reuters) - Rough diamond sales by
Debswana Diamond Co dropped slightly in the first three months
of the year, data released by the Bank of Botswana showed on
Friday, as the market was more cautious about the current
uncertain global macroeconomic outlook.
Debswana, a joint venture between Anglo American Plc unit De Beers and Botswana's government, sells 75% of its output
to De Beers with the balance taken up by state-owned Okavango
Diamond Co.
Sales of diamonds from Debswana fell 1.4% and stood at
$1.077 billion in the three months to March, compared with
$1.092 billion in the same period last year.
In pula terms, the rough sales however recorded a 10.1% jump
to 14.005 billion pula, pointing to the effects of a stronger
dollar during the period.
De Beers and Botswana are currently renegotiating
their mining rights and sales agreements, with President
Mokgweetsi Masisi saying his government was looking to get more
rough diamonds for trading outside the De Beers system.
Debswana accounts for almost all diamonds produced in
Botswana, with Lucara Diamond Corp's Karowe mine being
the only other operating diamond mine in the country.
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