Botswana's President Predicts Diamond Recovery
November 11, 20
(IDEX Online) - Botswana's president says he expects diamond production to bounce back after exports were almost halved by COVID-19 and the resulting travel restrictions.
Exports fell 42 per cent to $1.49bn in the first nine months of 2020 as production fell 29 per cent to 12.3m carats," said Mr Masisi during the state of the nation address on Monday.
But he said there were signs of a recovery and predicted that the mining sector in general would grow by 14.4% next year.
"The diamond markets in the United States, China and Europe are beginning to show sign of recovery and are expected to stabilise by December 2020," he said.
Botswana, the world's top diamond-producing country by value, officially entered recession last month following a collapse in the mining sector, which represents a fifth of its economy.