DiamondBuzz
S&P downgrades Botswana sovereign rating amid prolonged weakness in global diamond demand
Diamond dependence and weak global demand strain fiscal outlook, even as strong institutions support investment-grade status
S&P Global Ratings has downgraded Botswana’s sovereign credit rating from BBB to BBB- with a negative outlook, signaling potential further downgrades if the fiscal environment does not stabilize. The world’s second biggest diamond producer had held steady with a BBB+ rating for at least five years, before it was downgraded to BBB last September. It has now been downgraded again, this time to BBB-.
Core Drivers of the Downgrade
- Diamond Dependency: The economy is heavily reliant on diamonds, which provide 70% of exports and one-third of government revenue.
- Market Volatility: A sharp decline in global demand—fueled by the rise of lab-grown diamonds, a slowdown in China, and reduced global luxury spending—has severely impacted national income.
- Fiscal Strain: The government deficit is projected to hit 8.9% of GDP for the 2026/2027 fiscal year, with net public debt expected to climb to 37.4% by 2029.
Economic Outlook
- Growth: After contractions in 2024 and 2025, a modest recovery of 2.5% is forecast for 2026.
- Reserves: Foreign exchange reserves have plummeted from $7.5 billion in 2017 to $3.8 billion at the end of 2025.
Institutional Strengths
Despite the downgrade, Botswana maintains an investment-grade status supported by:
- Strong democratic institutions.
- A history of prudent natural resource management.
- Relatively moderate debt levels compared to regional peers.
DiamondBuzz
Dubai Diamond Exchange Expands Board With Three New Appointment
New Board Appointments Strengthen DDE’s Expertise In Global Markets, Governance and Responsible Sourcing.
The Dubai Diamond Exchange (DDE), part of DMCC, has expanded its Board of Directors with the appointment of Neil Ventura, Weizhang Liang and Wafa Jaffery, strengthening its leadership across global diamond markets, governance and responsible sourcing.
The board will continue to be chaired by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. The new appointments are aimed at reinforcing Dubai’s position as a leading hub for the global diamond and precious stones trade.
Neil Ventura joins as Member and Secretary of the DDE Board. He brings more than 35 years of experience across mining, trading, jewellery and technology, having held senior roles at De Beers and Anglo American. He currently serves as Special Advisor to DMCC’s Precious Stones Ecosystem.
Weizhang Liang, former President of the Guangzhou Diamond Exchange and China’s Kimberley Process focal point for over 15 years, joins the board with extensive expertise in international diamond policy and the Chinese market. He also advised the UAE’s Kimberley Process Chairmanship in 2025.
Wafa Jaffery, a longstanding member of DMCC’s Precious Stones team, was elected to the Board of Directors of the World Diamond Council in 2026. She also serves on the Kimberley Process Task Force and the Responsible Jewellery Council Standards Committee.
Ahmed Bin Sulayem, Chairman of the Dubai Diamond Exchange, said:
The appointments would enhance the exchange’s ability to support the industry’s growth and evolution.
“The strength of the Dubai Diamond Exchange has always been built on the depth of expertise within DMCC’s precious stones ecosystem. These appointments reflect the calibre of leadership that DMCC has developed over many years and reinforce Dubai’s position as one of the world’s leading centres for the diamond and precious stones trade.”
The DDE is the world’s largest diamond tender facility and a major marketplace for rough and polished diamonds, coloured gemstones and pearls. Operating within DMCC, it provides infrastructure and trading facilities that connect miners, manufacturers, traders, financiers and retailers across the global diamond supply chain.
BCCI Panel Discussion Explored Ways To Channel Household Gold Into The Formal Financial System
Thangamayil Jewellery, Tamil Nadu’s Trusted Jewellery Chain, Receives IAGES Accreditation
GJEPC Urges RBI To Ease Banking Norms To Boost GJ Exports
Indriya, Aditya Birla Jewellery, Sets A New Industry Standard With Diamonds Of The Highest Sparkle
Ministry Of Good Souls Unveils Its New Bridal Collection In Bespoke 925 Sterling Silver
Hazoorilal Legacy Debuts ‘Facets’, An Avant-Garde High Jewellery Collection
-
BrandBuzz1 day agoIndriya, Aditya Birla Jewellery, Sets A New Industry Standard With Diamonds Of The Highest Sparkle
-
BrandBuzz1 day agoHazoorilal Legacy Debuts ‘Facets’, An Avant-Garde High Jewellery Collection
-
National News1 day agoMinistry Of Good Souls Unveils Its New Bridal Collection In Bespoke 925 Sterling Silver
-
National News1 day agoMCX Precious Metals Face Notable Selling Pressure
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.