International News
Botswana negotiating zero US tariff on diamonds
Botswana’s president Duma Boko says he’s close to negotiating an end to the 15 per cent tariff imposed on his country’s polished diamond exports to the US.He also says Botswana must diversify beyond diamonds to exploit its copper, nickel, and cobalt resources – and must ensure the value they generate remains in the country. Botswana’s diamond sale were halved in 2024, reflecting a global slump in demand.
Botswana is the world’s biggest diamond producer by value, but the vast majority of its output is exported to India (with 50 per cent tariffs), Belgium (zero tariff for diamonds), and the UAE (10 per cent tariff). Only around 10 per cent of Botswana’s diamonds will benefit from a scrapping of the tariff
He said talks aimed at achieving a zero tariff on diamonds mined, cut and polished in Botswana and exported directly to the US were at “an advanced stage.The US has already reduced tariffs on Botswana’s goods from the 37 per cent figure introduced on 1 August (10 per cent baseline tariff plus 27 per cent reciprocal).
Duma Boko also spoke about the need to diversify and retain wealth within Botswana: We’ve been overly dependent on diamonds. We’ve taken a very heavy knock on that front. We are also looking to diversify within the mining sector, looking at critical minerals which we have plenty of, we have copper, nickel, we have cobalt,and we will be looking to leverage on our endowment in these regards to now begin industrialization.
A lot of the wealth of the continent ends up in other jurisdictions. The biggest downside has been to allow the product, the minerals, mined on the African soil to be carted away in the raw. The approach now for Botswana and for the rest of the African continent has to be that of these minerals must take place in country, must take place within the continent, so that value is extracted, so that each country and Africa as a whole becomes a hub for value addition.”
Gold prices in India saw a modest rise on Wednesday today Oct 15, mirroring an uptick in international markets as renewed US-China trade tensions and expectations of further US interest rate cuts bolstered demand for safe-haven assets.24k gold traded at Rs.1,28,360/10gm after gaining ₹10 in early trade, while silver prices increased by Rs.100 to Rs.1,89,100 per kilogram.
Gold prices surged to a record high of $4,179.48 per ounce on October 14, 2025. Investors flocked to safe-haven metals amid trade tensions and Fed rate-cut expectations. U.S. December gold futures jumped 57% year-to-date. Bank of America raised its 2026 gold forecast to $5,000 per ounce, warning of possible near-term corrections.
Gold prices soared to an unprecedented $4,179.48 per ounce on October 14, 2025, marking a historic milestone for the yellow metal. The rally comes as investors worldwide seek safety in hard assets amid a turbulent global economic backdrop marked by escalating trade tensions, slowing growth, and expectations of further interest rate cuts by the U.S. Federal Reserve.
The sharp surge in bullion prices has been driven by a combination of macroeconomic uncertainty and aggressive monetary easing. As inflation pressures remain sticky and central banks pivot toward dovish policies, gold has reasserted its role as a hedge against both currency debasement and market volatility.
In futures trading, U.S. December gold contracts have skyrocketed nearly 57% so far this year, underscoring the strength of investor demand across both institutional and retail segments. Analysts note that central bank buying—particularly from emerging markets—has added further momentum to the rally, with several countries diversifying reserves away from the U.S. dollar.
Reflecting this bullish sentiment, Bank of America has raised its 2026 gold price forecast to $5,000 per ounce, citing continued monetary easing, geopolitical instability, and robust central bank accumulation. However, the bank also cautioned that short-term corrections are likely, given the rapid pace of the recent run-up and potential bouts of profit-taking.
Overall, gold’s meteoric rise underscores a broader shift toward safe-haven assets, as investors navigate a world increasingly defined by economic fragmentation, shifting interest rate cycles, and persistent geopolitical risks.
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