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
Divine Solitaires Named ‘Best Diamond Jewellery Brand’ At JewelZ South India 2026
The Recognition Acknowledges The Brand’s Approach To Quality Assurance, Standardised Pricing and Transparency In The Natural Diamond Solitaire Category.
Hyderabad, 25 September 2026: Divine Solitaires, India’s natural diamond solitaire brand, has been honoured with the ‘Best Diamond Jewellery Brand’ award at JewelZ South India 2026, recognising its efforts to bring greater consistency, transparency and quality assurance to the natural diamond solitaire buying experience. The award was presented on 22 September at Novotel, HICC, Hyderabad.
The recognition comes as the natural diamond solitaire category evolves, with consumers increasingly seeking greater clarity around certification, quality and pricing when making high-value jewellery purchases. Divine Solitaires has built its proposition around addressing these expectations through its 123-parameter Quality Guarantee and Nationwide Standard & Transparent Pricing, which are applied uniformly across its retail network.
With a presence through 200+ partner jewellers across 100+ cities in India, the brand offers a portfolio of 3,000+ designs, alongside consumer-focused initiatives and long-term value programmes, including buyback and upgrade options.
Commenting on the recognition, Jignesh Mehta, Founder and Managing Director, Divine Solitaires, said:

“The way consumers buy diamonds is evolving. A solitaire is a significant purchase, and today’s buyer wants greater clarity on what they are buying, how quality is evaluated and how the price is determined. At Divine Solitaires, our endeavour has been to bring greater structure and consistency to this journey through clearly defined quality parameters and transparent pricing. This recognition at JewelZ South India is encouraging because it reflects the industry’s growing focus on building trust through greater accountability and standardisation.”
Adding to the brand’s presence at the event, Jignesh Mehta participated in the panel discussion “How the Jewellery Moguls are Crafting the New Jewellery Era”, moderated by Ritu Marya, Editor-in-Chief, Retailer Media. The session brought together senior industry leaders to discuss evolving consumer expectations, trust-building and changing retail models.
Mehta’s participation focused on the evolving natural diamond solitaire category, particularly the importance of consistent quality assurance, transparency and standardisation in building consumer confidence around high-value jewellery purchases.
The recognition reinforces Divine Solitaires’ focus on creating a more structured and transparent solitaire-buying ecosystem, as the category continues to evolve alongside changing consumer expectations.
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