While Botswana’s minerals sector remains a principal source of revenue and primary sector for economic growth and diversification, it is currently challenged by the market downturn.
“As of the end of August 2015 the benchmark global price of 1-carat and 0.30-carat diamonds had declined by 12.9% and 29% respectively over the past 12 months, due largely to weakened Asian demand,” said Botswana President Seretse Ian Khama in his state of the nation address earlier this week.
Further, the president noted that that the Diamond Cutting and Precious and Semi-Precious Stones Amendment Bills were being finalised - aimed at adapting to current downstream industry developments for improving business conditions and enabling growth.
Meanwhile, it was announced yesterday that the world's second-largest gem quality diamond had been discovered in Botswana.
The 1.111-carat stone was recovered from Lucara Diamond ‘s Karowe mine, about 500km north of the capital, Gaborone. It is the biggest diamond to be discovered in Botswana and the largest find in more than a century.
