Rapaport News


Rough Markets


Advanced search
Latest Articles
Rough Markets
Polished Markets

Diamond Trading Drives Botswana Growth

Higher sales by De Beers and Okavango account for increase in GDP.
Jun 27, 2017 9:34 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Botswana’s gross domestic product (GDP) grew 4.3% in 2016, mainly due to an improvement in the nation’s diamond trade, the Bank of Botswana said last week.

An increase in wholesale activity by diamond companies operating in Botswana, such as De Beers’ Global Sightholder Sales (GSS) and state-owned Okavango Diamond Company, drove the nation’s economic growth, explained Keith Jefferis, managing director of local economic consultancy firm Econsult and a former deputy governor of the bank. De Beers’ 2016 rough sales — the vast majority of which came from GSS — jumped 37% to $5.6 billion, while Okavango’s sales leapt 80% to $546.5 million.

Overall growth in the non-mining sector, including trading of rough diamonds, was 5.5% for the year, the bank said. Meanwhile, the contraction in the nation’s mining output slowed to 3.7% from 19.6% in 2015.
Tags: Bank of Botswana, Botswana, De Beers, De Beers’ Global Sightholder Sales, diamond trading, eConsult, gdp, gross domestic production, GSS, Keith Jefferis, Okavango, Okavango Diamond Company, Rapaport News
Similar Articles
IGI black diamonds 150IGI Grades Record Black Lab-Grown Diamond
Oct 01, 2020
The International Gemological Institute (IGI) recently graded a 116-carat, black...
De Beers Reduces Prices of Smaller Rough
The Rough Market’s Window of Opportunity
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us