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Botswana’s economic outlook negative due to diamond market pressures: S&P Global

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S&P Global Ratings has revised Botswana’s economic outlook to negative from stable, citing external and fiscal pressures. The agency confirmed its ’BBB+/A-2’ long- and short-term sovereign credit ratings for the country. The decision reflects the challenges Botswana faces due to decreased global demand and prices for diamonds, which are pivotal to its fiscal revenues and exports.

Botswana’s economy is heavily reliant on diamonds. They account for around 80 per cent of its export earnings and a third of total budget revenues.

De Beers and the Botswana government finally reached agreement last month on the long-term mining and rough sales deals, but sales by their joint venture, Debswana, were down by 52 per cent for the first three quarters of 2024, and there a few signs of a sustained recovery in demand.

The agency projects that without a significant fiscal effort by the government or a substantial increase in diamond prices and sales volumes, Botswana’s fiscal consolidation efforts will remain challenging. It forecasts government debt, net of liquid assets, to rise to 19% of GDP by 2028 from 3% in 2024.

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DiamondBuzz

De Beers brings Diamonds and Glamour to London

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Insiders suggest a star-studded journey to London might be on the cards. But why London? Beyond its glittering reputation as a global hub for jewellery and fashion, whispers point to something far more dazzling — De Beers is set to host a major showcase in the city.

This year, De Beers Group makes its grand debut at Frieze London, marking a landmark moment where the world of natural diamonds meets the world of art. In collaboration with Frieze Masters, the brand will unveil Voyage Through the Diamond Realm — an immersive experience said to capture the mystery, beauty, and brilliance of natural diamonds like never before.

To bring this vision to life, De Beers has invited India’s leading style and art connoisseurs, including Twinkle Khanna, Ananya Panday, Sara Tendulkar, Karan Johar and many more. Known for their refined taste and appreciation of art and design, these tastemakers are the perfect ambassadors to experience natural diamonds in a whole new light — where every facet tells a story of time, pressure, and perfection.

While details remain under wraps, those close to the brand hint that the experience will be nothing short of transformative — a moment where science, storytelling, and rarity converge to celebrate nature’s most extraordinary creations.

One thing’s certain: when De Beers Group meets Frieze London, the city is bound to shine a little brighter — and perhaps, so will those boarding that flight.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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