Debswana's 2002 Diamond Sales Up 4.7%
March 10, 03
Botswana's diamond sales increased 4.7% to 11.2 billion pula ($2.18 billion) during 2002 Debswana, the 50/50 partnership between De Beers and the Botswana government, reported. "It was a surprisingly good year," Debswana managing director Louis Nchindo said.
According to Nchindo "Debswana sold all its production and cleared the stockpile." Debswana holds the sole right to mine Botswana's diamonds.
The company reported that it mined 28.4 million carats, up 8 percent compared to 2001. A stockpile of rough was built up during 2001 as a result of a depressed market, resulting in 2 percent drop in sales in terms of carat weight.
Nchindo said that US sales in 2002 had defied all expectations, however the Japanese market was problematic and the European market sluggish, adding "Our future prospects depend on the US and the Asian Pacific - India, Thailand, China and the 'Asian Tigers'."
Despite the good news, Nchindo felt there was 'tremendous' uncertainty in the market as the world is waiting to see if the US would attack Iraq. "Most commodities in the world are suffering in anticipation that there will be a war," he said.