De Beers, the world’s largest diamond producer, says it will make a major investment in promoting the stones in the United States and China to help boost flagging consumer demand.
This follows reports that the world’s biggest diamond producer has lowered prices by as much as nine percent to boost sales. De Beers lowered prices after production cuts failed to support demand for the precious stones.
The diamond producer says it would target the two biggest diamond markets during the year-end holiday season, the Anglo American unit said this week. The company said it would launch so-called category marketing, where it promotes diamond jewellery in general rather than just its own branded gems.
The industry is in a very precarious position, it could go either way and De Beers have recognised that and responded. Last month De Beers customers declined to buy about a third of the diamonds offered for sale.
The diamond industry is currently challenged by other luxury products such as handbags and iPads, as such the industry is seeking to ensure its stones continue to appeal to consumers. The end of De Beers’ monopoly a decade ago led the company to reduce marketing that had benefited the entire industry.
“This will help to stimulate downstream demand for polished diamonds and create renewed momentum in the diamond sector at a crucial point in the year,” De Beers CEO Philippe Mellier said.
The move to re-invest in marketing and lower diamond prices came amid a wider commodities slump, with global stock markets plunging over fears of an economic slowdown in China, a key growth sector for diamond sales.
Diamond prices have been under pressure as traders, cutters and polishers struggle to turn a profit amid a credit squeeze and languishing jewellery sales. De Beers has twice cut its 2015 rough-diamond production goal and lowered prices at the recent sale in Botswana to help stimulate demand.
De Beers said the campaign would run alongside its “A Diamond is Forever” holiday campaign to promote its Forevermark stones. A sustained weakness in the diamond market this year has resulted in a softening of diamond prices. The company is expected to let its customers defer the purchases they made at different prices.
Last month De Beers cut its 2015 production goal to 29-31 million carats from an earlier target of 30-32 million carats. As well as China, India is seen as a key growth market for diamonds, which tap into burgeoning middle-class aspirations.
The diamond producer sorts, value, and sell diamonds produced by the company Debswana, a joint 50/50 business venture between Botswana and De Beers that accounts for a third of Botswana’s GDP.
Prices for cereals or staple foods in Botswana and other Southern African countries continue to rise at a slower pace, following trends in the global markets, according to the latest November 2022 Food Price Monitoring and Analysis by Food Agricultural Organization (FAO) of the United Nations.
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Having made substantial investments in fibre technology, high-speed terrestrial and undersea networks and new frequency spectrum across the markets wherein it operates, MTN is perfectly positioned to respond to this shift in the market.
A few years ago, MTN also made the decision to build an IP capable radio network for its mobile services, giving its core network the ability to seamlessly integrate with enterprise IP networks. The mobile towers deliver services to enterprise clients absolutely anywhere it has a network, shortening the last mile and removing complexity and cost.
Now there is increasing demand from clients to connect their remote sites in all areas, including rural and semi- rural. MTN has assisted clients with overcoming this connectivity hurdle, enabling their staff to get the job done wherever they are.
For MTN, the focus has shifted from just being a core telecommunications services provider, towards also becoming a technology solutions provider. The service offering now also includes Unified Communications, Data Hosting and Cloud Solutions, Security-As-A-Service and Managed Network Services. The scope has changed to being client and industry specific, so the requirements and service portfolio vary from one client to the next. The expectation is that a company like MTN must respond to these challenges, helping clients to get business done better as they shift from old to new technologies.
As many businesses continue to grapple with a digitally dynamic world, they face new challenges that have to be solved. This environment will benefit those that are more digitally enabled and agile. It is a brave new world that will favour online over on-site, wireless over wired and fluid over formulaic. Businesses will seek out partners and suppliers that are every bit as flexible and forward-looking as they are.
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Botswana Institution Of Engineers (BIE), has last week hosted a gala dinner in which they appreciated engineers who worked tirelessly and with dedication for 10 years from 1983 to steer the BIE to its current status.
The event that was held at the Phakalane Golf Estate had brought together young, experienced and veteran engineers and was held under the theme “Vitalize the dignity and eminence of all professional engineers”.
Explaining the theme, the institution’s treasurer, Thanabalasingam Raveendran said that engineers were looked upon reverentially with respect as the educated but with time it seems to have deteriorated. He indicated that there is a need to change the narrative by all means.
“The BIE exists for the welfare and the betterment of us Botswana engineers, we need to recognize specialised units within our Institution. We Engineers strongly believe in Engineers make it happen” Raveendran said.
He indicated that under the theme they appeal to all engineers to energize, to attain quality of being worthy of honour and respect and to achieve recognized superiority amongst the Society.
Raveendran stated that engineers need to ensure their end product is of good quality satisfying the end users expectations and engineers must be honest in their work.
“Approximately 8000 engineers registered with Engineering Regulatory Board (ERB) are not members of the BIE, engineers need to make every effort to recruit them to BIE” he said.
He alluded that BIE being a society, it currently needs to upgrade itself at par with professional institutions elsewhere like the UK and USA.
He further stated that BIE has to have engineering units of specialised disciplines like Civil/Mechanical/electrical etc
“As President Masisi indicated in his inaugural speech, the young people, who make 60 percent of the population of this country, are the future leaders and therefore investing in them is building the bridge to the future” said Raveendran
Kandima indicated that BIE has a memorandum of Understanding with Engineers Registration Board (ERB), where BIE is a recognised provider of CPD training, mentorship programmes and more importantly IPD undertaking to upgrade the skills and know-how of our engineers.
“For us to achieve our mandate and make worthwhile changes to engineering in Botswana, we have to be totally focused and act with intent” said Kandima.
Furthermore, Stephen Williams, past president of the BIE from 1986-1988 told the engineers that the BIE provides a fertile environment where they can meet, share ideas and grow professionally.
“The BIE is also a nesting place for graduate engineers to learn from their peers and seniors, it also cater for engineering technicians and technologists and so nobody in the technology field is left out” he said.
He further indicated that Botswana Government provides a conductive environment for growth of engineering professionals.
“It must be stated that the Botswana Government recognises the existence of BIE and it can further be stated that the government enables ERB to carry out its mandate as a regulator of engineering professionals” said Williams
He plead with engineering companies to recognize and support BIE as it is the only source of engineering personnel’s for various Industries .
Furthermore, when giving his farewell speech, Michael Pinard , a past president of the institution said how they are viewed as engineers by the general public might be due to some lack of appreciation as to exactly what role they play in the development of the country.
“The BIE slogan is aptly coined-Engineers make it happen, in other words, what man dreams engineers create” Said Pinard.