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.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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