GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Improved diamond revenue to help narrow Botswana budget deficit in 2021– report

05 november 2020
news_05112020_debeers.png
Image credit: De Beers

Botswana is expected to narrow its budget deficit to 5.9% of Gross Domestic Product (GDP) in 2021 from 7.89% this year due to a recovery in diamond revenue.
Reuters cited the country's 2021 Budget Strategy Paper, which showed that mineral revenues for the 2020 fiscal year that ends in March 2021, were expected to halve to $917.70 million as COVID-19 hurts diamond sales.
The global diamond market was, however, showing signs of recovery with a 50% rise in diamond receipts to 15 billion pula in 2021.
Higher diamond income and increased taxes are expected to lift total revenue 12% to 58.8 billion pula in 2021 while spending will rise 5% to 71.4 billion pula, resulting in a deficit of 12.58 billion pula or 5.9% of GDP.
"At this rate, the deficit still exceeds the country's indicative threshold that a budget deficit in any year should not exceed 4.0% of GDP," the document said.
"On a more positive note, however, there has been a robust recovery in diamond trading in September 2020, which if sustained would underpin a stronger recovery through the rest of the year and into 2021," reads the 2021 Budget Strategy Paper.
Botswana economy is expected to record a growth rate of 7.7% in 2021, from this year’s contraction of 8.9% on improved sentiment in the global diamond industry, as well as the lifting of domestic movement and lockdown restrictions.
Global firm De Beers, which gets about 70% of its supply from Botswana, recently reported a 57% jump in sales to $467 million at its September sight.
De Beers said it had received higher retail orders ahead of the holiday season.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished