DiamondBuzz
US tariffs could cause massive job loss: Botswana Mine Workers Union president
The president of the Botswana Mine Workers Union is warning that US tariffs could make matters even worse for a country that has already seen diamond revenues plummet.
Joseph Tsimako, representing 10,000 mine workers, fears his members could be laid off or forced to take unpaid leave as a result of the downturn.HE said that find a way to make sure they don’t destroy the lives of the people who helped build it.
Diamonds accounted for around roughly 80 per cent of Botswana’s exports and a third of its GDP until lab growns decimated demand for natural diamonds.
Botswana’s revenue from diamond exports fell by almost half in 2024 and in the first quarter of 2025, Debswana, the government’s 50/50 joint venture with De Beers, reported sales of $560.9m, down 48 per cent year-on-year.
At the end of July, the US imposed a 15 per cent tariff on all imports from Botswana, as part of a global program to address trade imbalances.
In a clear sign of the growing strategic importance of lab-grown diamonds for technological applications, the Spanish government has committed a massive EUR 750 million (approximately $813 million) investment to Diamond Foundry’s new manufacturing plant in Trujillo.
This significant funding injection is specifically earmarked for the production of semiconductor-grade, lab-grown diamonds. It dramatically boosts the project’s war chest, adding to the initial EUR 80 million in funding that the European Union had already pledged last December.
The Trujillo facility is poised to become the largest of its kind in Europe, specializing in high-tech, industrial, and semiconductor-grade diamonds.
- Projected Output: When operations begin—anticipated sometime between 2027 and 2029—the plant is expected to yield over 4 million carats annually, with production slated for substantial increases thereafter.
- Total Project Value: The full cost of the Trujillo project is reported to be a staggering EUR 2.35 billion.
This monumental investment underscores a key trend in the lab-grown diamond sector: a heavy pivot away from the jewelry market and toward high-value industrial and technological applications.
-
National News2 hours agoGJC welcomes RBI’s 25 basis point repo rate cut
-
ShowBuzz1 hour agoT.GOLD: The most innovative technologies for competitive and sustainable jewellery
-
National News2 hours agoIndia’s World Cup victory celebrated with India’s own gold through Tanishq exchange
-
International News5 hours agoGold edges lower, Silver stages a recovery as markets await crucial U.S. data
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.