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    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppieโ€™s breakthrough hints at a brighter future for Botswanaโ€™s 400m

    Eppieโ€™s breakthrough hints at a brighter future for Botswanaโ€™s 400m

    Under Babitseng BFA will be transparent and accountable

    BFA slashes deficit and eyes bright future with financial reform and football revival

    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

    ๐ƒ๐ž๐›๐ฌ๐ฐ๐š๐ง๐š ๐‘๐ž๐œ๐จ๐ ๐ง๐ข๐ฌ๐ž๐ ๐จ๐ง ๐ˆ๐ง๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐ฌ๐ญ๐š๐ ๐ž ๐ฐ๐ข๐ญ๐ก ๐€๐”๐’๐‚ ๐ฆ๐ž๐๐š๐ฅ ๐จ๐Ÿ ๐‡๐จ๐ง๐จ๐ฎ๐ซ

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    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppieโ€™s breakthrough hints at a brighter future for Botswanaโ€™s 400m

    Eppieโ€™s breakthrough hints at a brighter future for Botswanaโ€™s 400m

    Under Babitseng BFA will be transparent and accountable

    BFA slashes deficit and eyes bright future with financial reform and football revival

    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

    ๐ƒ๐ž๐›๐ฌ๐ฐ๐š๐ง๐š ๐‘๐ž๐œ๐จ๐ ๐ง๐ข๐ฌ๐ž๐ ๐จ๐ง ๐ˆ๐ง๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐ฌ๐ญ๐š๐ ๐ž ๐ฐ๐ข๐ญ๐ก ๐€๐”๐’๐‚ ๐ฆ๐ž๐๐š๐ฅ ๐จ๐Ÿ ๐‡๐จ๐ง๐จ๐ฎ๐ซ

    ๐ƒ๐ž๐›๐ฌ๐ฐ๐š๐ง๐š ๐‘๐ž๐œ๐จ๐ ๐ง๐ข๐ฌ๐ž๐ ๐จ๐ง ๐ˆ๐ง๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐ฌ๐ญ๐š๐ ๐ž ๐ฐ๐ข๐ญ๐ก ๐€๐”๐’๐‚ ๐ฆ๐ž๐๐š๐ฅ ๐จ๐Ÿ ๐‡๐จ๐ง๐จ๐ฎ๐ซ

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Moagi Addresses Challenges and Strategies in Diamond Industry Amidst Global Dynamics

mm by Baboloki Meekwane
March 5, 2024
in News
Reading Time: 2 mins read
0
Minister confirms looming fuel shortage

GABORONE 7 April 2022, Minister of mineral resources , green technology and energy security Lefhoko Moagi officiates at the launch of the Standard Chartered bank Botswana solar brach in Gaborone on 7 April 2022. Standard Chartered bank powered the Main Mall branch as the first ever with solar power system as the sustainable innovation. Chief executive officer of the bank Mpho Masupe, British high commissioner to Botswana and SADC Sian Prince were present among the others during the launch. Moagi during the launch. (Pic:Monirul Bhuiyan/PRESS PHOTO)

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In a recent update on the diamond industry delivered in Parliament, Lefoko Moagi, the Minister of Minerals & Energy, shed light on the challenges facing the sector, notably emphasising the impact of the growing demand for lab-grown diamonds as a significant factor contributing to its poor performance in 2023.

Moagi disclosed that his ministry is actively collaborating with multiple organisations to devise effective strategies to counteract the effects of lab-grown diamonds on the traditional diamond market.

The Minister underscored that the diamond industry experienced a downturn in 2023, marked by a persistent decline in prices throughout the year.

โ€œThis year was the worst in recent times and was even more severe and prolonged when compared to the negative impact on the industry during COVID-19,โ€ he stated.

Despite the ongoing Russia-Ukraine conflict, Botswana’s diamond sales have remained largely unaffected. However, Moagi emphasised that the sluggish market was primarily influenced by an oversupply of inventory throughout the value chain, stemming from the buoyant period of 2021/22.

Additionally, the demand and prices for most diamonds experienced a decline and failed to rebound due to the underperformance of the US economy and the incomplete recovery of China’s diamond demand, which was hampered by prolonged COVID-19 closures.

Moagi informed legislators that the G7 nations have collectively decided to impose sanctions on Russian diamonds. Notably, as of January 1, 2024, Russian diamonds have been prohibited from entering G7 countries.

He voiced apprehension over the potential strain this regulation might place on Botswana and other diamond-producing nations. This imposition is expected to incur additional costs and prolonged shipping times for goods to reach customers, potentially resulting in unintended consequences due to increased expenses and delays, particularly for non-Russian diamonds.

Furthermore, a key concern lies in the limitations of tracing and provenance technologies. It’s anticipated that the global supply of adequate machines to meet the G7 timelines may not be feasible.

โ€œBotswana hosted the G7 Technical Team and raised her concern and showed them the sophisticated, robust and well-managed processes. Botswana has since written to G7 to outline how she can work effectively with G7 to avert dire consequences to our growing economy,โ€ he indicated.

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