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Botswana’s Diamond Dilemma | Botswana News
Botswana’s diamond rush is hitting a snag—12 million carats mined last year far exceeds their target, forcing them to keep digging just to clear inventory before ramping up again. But with global demand sagging in the US and China due to cheaper lab-grown stones and rising tariffs, profits are shrinking fast. The country’s economy, already fragile, faces a deeper slump as diamond revenues plummet to just $770 million next year—far below historic averages. Compounding the crisis, De Beers’ parent company Anglo American is pulling back, leaving Botswana scrambling to seize control of the…
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