Sunday, June 4, 2023
  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Subscribe
  • E-edition
  • Login
  • Register
  • Home
  • News
  • Economy
  • Columns
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    Men’s U-19 cricket team preps for world cup qualifiers

    Botswana Cricket Gears Up for Int’l Tournaments

    ‘Amos did not communicate with us on his intention to go solo’- BAA

    Doping Cases Surge in Botswana Athletics 

    BoBA readies Team for African Champs

    Debswana’s Exemplary Sponsorship Elevates Botswana Sports

    The Abilities of Coach Dose Speak for Themselves 

    The Abilities of Coach Dose Speak for Themselves 

    BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

    BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

    Tebogo’s Move to US on Hold

    De Grasse Labels Tebogo a Threat in the World of Athletics 

    Trending Tags

    • Subscribe
    No Result
    View All Result
    • Home
    • News
    • Economy
    • Columns
    • Companies & Markets
    • In Business With
    • Lifestyle
      • Motoring
    • Sports
      Men’s U-19 cricket team preps for world cup qualifiers

      Botswana Cricket Gears Up for Int’l Tournaments

      ‘Amos did not communicate with us on his intention to go solo’- BAA

      Doping Cases Surge in Botswana Athletics 

      BoBA readies Team for African Champs

      Debswana’s Exemplary Sponsorship Elevates Botswana Sports

      The Abilities of Coach Dose Speak for Themselves 

      The Abilities of Coach Dose Speak for Themselves 

      BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

      BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

      Tebogo’s Move to US on Hold

      De Grasse Labels Tebogo a Threat in the World of Athletics 

      Trending Tags

      • Subscribe
      No Result
      View All Result
      The Business Weekly & Review
      No Result
      View All Result
      Home Columns

      Botswana, a growing Diamond Hub

      Whilst it has taken a long time to establish the industry in Botswana, diamond specialisation seems to be paying a huge dividend to the Botswana economy as witnessed by the huge jump in the country’s exports largely as a result of diamond exports.

      mm by Data Collection & Analysis
      October 12, 2021
      in Columns, Data Collections & Analysis
      Reading Time: 2 mins read
      0
      Botswana, a growing Diamond Hub

      GABORONE 7 July 2021,Botswana President Mokgweetsi Masisi (C) holding a diamond while First Lady Neo J Masisi (R) and Lucara Diamond Botswana managing director Naseem Lahri (L) accompanying him in Gaborone, Botswana on July 7 ,2021. Lucara Diamond Corporation is a Canadian diamond mining company with a producing mine and exploration licenses in Botswana unearthed this 1174 carat stone at the Karowe mine in Botswana. The stone, found on 12 June 2021 was shown to President Mokgweetsi Masisi and the member of the cabinet in the capital Gaborone on 7 july 2021. (Pic:Monirul Bhuiyan/PRESS PHOTO)

      Share on FacebookShare on Twitter

      The International Merchandise Trade Statistics (IMTS) monthly digest, which provides trade statistics on Botswana’s total imports and exports, shows that total exports during June 2021 amounted to P7 billion, showing an increase of 43.4 percent. The exports were mainly driven by increased exports of diamonds. During the same month, exports destined to Asia, the European Union (EU) and the Southern African Customs Union (SACU) accounted for 61.2 percent, 26.8 percent and 9.2 percent of the monthly total respectively. The United Arab Emirates (UAE), India and Israel received exports representing 27.6 percent, 17.0 percent and 6.8 percent of the monthly total respectively. Belgium, South Africa and the USA received 26.7 percent, 8.8 percent and 1.4 percent respectively. Diamonds contributed 91.5 percent to those total exports.

      It is not only the diamond exports that have taken centre stage; Botswana diamond companies import rough diamonds of sufficient value in order to make domestic processing profitable. Rough diamonds are diamonds straight out the ground before they are processed and come in three types – gemstones, industrial grade and “boart” diamonds. Most of Botswana’s diamond exports are rough gemstones that are cut, polished and made into jewellery, thus raising the value. According to official statistics, 84 percent of the imported diamonds are processed in Botswana and exported again at a higher value.

      What is interesting is that in the country’s total imports for the month, which were valued at P7. 6 billion, the leading import commodity group was diamonds with contributions of 36.9 percent. This is reflecting an inflow of both processed and unprocessed diamonds from both regional and international markets. Imports from SACU contributed 63.5 percent to total imports. The topmost imported commodity group from the SACU region was diamonds. This is a sign of how regional diamonds are being consolidated from countries such as South Africa, Namibia and Zimbabwe before heading to major European markets.

      The other major countries of importation are in Asia and the EU.  Of particular interest is that diamonds were the major group of imports in these two regions. This is a reflection of how processed diamonds is reverted to the Botswana market as value added diamonds.

      The EU supplied imports amounting to P964.1 million, accounting for 12.6 percent of total imports. The major commodity group imported from the EU was diamonds at 76.6 percent (P738.5 million) of all imports from the European Union. Belgium was the major source of imports from the EU, having supplied 11.2 percent (P852.9 million) of total imports during the period under review.

      Imports from Asia were valued at P1.3 billion, representing 17.8 percent of June 2021 total imports. The major commodity group imported from the regional block was diamonds, with a contribution of 71.4 percent (P971.8 million) of total imports from the region.

      It is therefore clear that both imports and exports of diamonds are driving the Botswana economy. According to public reports, Switzerland is one of the countries that import gemstones and export them at a much higher price without even having added value to the stones by cutting or polishing them. The movement of diamonds into and out of Botswana makes the country an important hub that not only supports the diamond industry but also heavily supports related pillars such as transport, manufacturing, education and even tourism.

      This article was prepared by Data Collection & Analysis, a business research firm. Feedback or enquiries can be relayed to 76740658./ research@eastman.co.bw

      Tags: BotswanaDiamondsInternational Merchandise Trade Statistics

      Navigation

      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      Recent News

      • June 2nd Edition
      • Why The Dreaded Recession Has Been Averted Yet
      • BLLAHWU Raises Red Flags Over Planned Merger of Parastatals 
      • The downside risks to social stability
      • From mine to mistress 

      Site

      • About
      • Advertise
      • Privacy Policy
      • Cookie Policy
      • Contact
      • Subscribe
      • E-edition

      © 2021 The Business Weekly & Review. All Rights Reserved.

      No Result
      View All Result
      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      © 2021 The Business Weekly & Review. All Rights Reserved.

      Welcome Back!

      Login to your account below

      Forgotten Password? Sign Up

      Create New Account!

      Fill the forms below to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?