Diamond sales rebound ahead of Monday�s budget

Wednesday, January 27, 2016

De Beers has reported a more than double jump in diamond sales at its first sale of the year held in Gaborone last week, a development that is likely to boost fiscal authorities’ annual revenue projections ahead of Monday’s 2016/17 budget presentation.

De Beers, which is entitled to sell 86 percent of Debswana’s annual production, and hand 80 percent of that revenue to government, sold $540 million (P6.3 billion) worth of diamonds last week.

This represented a 117 percent leap with De Beers having recorded sales of $248 million in its last sale of a challenging 2015.

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