Debswana Reduces Production Target

Mining and Exploration
11/09/2015 11:23

Reuters Africa reports that Debswana - a partnership between the Republic of Botswana and De Beers Group, and the world's biggest diamond producer by sales value - has cut its 2015 production target to 20 million carats from 23 million carats, according to secretary for economic and financial planning Taufila Nyamadzabo. Referring to an August announcement, he stated that, "[Botswana] had to revise our 2015 growth forecast from 4.9 percent to 2.6 percent due to (a) downturn in the global diamond market." Sluggish demand in the diamond market saw sales at rivals De Beers and Okavango Diamond Company (ODC) fall by over 20 percent in the first six months of the year.