Early this week, the Sunday Standard reported that Diamond Trading Company (DTC) Botswana experienced a more positive second quarter this year and that it is more optimistic with regards to the near future.

“The ninth sight was quite favorable and there are hopes that the tenth (last) one would be more favorable,” said Kago Mmopi, spokesperson for DTC Botswana. “Normally, this is the time for diamond polishers to buy,” he said, adding that “whatever happens next month is likely to set the trends for next year’s performance.”



Continuing to raise the mood, DTC London’s ninth sight was the best this year, prior to Thanksgiving in the US and Christmas shopping.



With the global economic downturn showing a ripple effect on the diamond industry and mineral dependant countries, Botswana’s biggest diamond mining company, Debswana, was forced to cut back on production, while other small miners shut down altogether.



Due to the credit crunch, original plans for DTC Botswana to make $370 million in the first year, graduating to $500 million this year were completely blighted.



Last month, The Economic Review, compiled by Keith Jefferis, Chairman of Bifm Investment Committee, commented: “During the three months from April to June, diamond exports averaged P1.58 billion a month, not far below the monthly average of P 1.75 billion during the comparable period in 2008.”



Debswana Diamond Company Head of Finance, Tabake Kobedi stated “We are doing 50% (in terms of diamond sales) of what we did in 2008. And by the end of this year we will be tracking somewhere around 50%.”

Debswana, which accounts for 33% of the country’s GDP and over 50% of government revenue, operates four diamond mines; Damtshaa, Jwaneng, Lethakane and Orapa.