Connect with us
Advertisement

Solid demand for diamonds sparks industry recovery

Solid demand for diamonds has sparked a much-needed recovery in the industry, bringing hope to a market that has been struggling in recent years. The United States, which accounts for around 50 percent of the consumer market, has played a significant role in boosting consumer demand for diamonds. The year-end holiday season in the US has helped stabilize the industry, leading to an increase in polished diamond prices.

Additionally, the restart of rough diamond imports into India has further fueled the rebound. The demand for rough diamonds has increased substantially in the first sales cycle of 2024, providing a much-needed boost to the industry. However, experts caution that it will take time for the industry to fully recover, as economic growth prospects in major economies remain uncertain.

Last year, the diamond industry faced low demand due to various factors. The sluggish performance of the luxury sector in the US, the Ukraine-Russia war, increased competition from lab-grown diamonds, and competition from other luxury goods all contributed to a negative impact on the natural diamond business. The global economy also slowed down in early 2023, leading consumers to defer discretionary purchases.

De Beers, the world’s leading diamond producer, experienced a significant decline in rough diamond sales in 2023. Sales for the year amounted to only $3.63 billion, the lowest since the COVID slump. However, despite the challenges faced by the industry, the foundations of the natural diamond industry remain solid.

Industry experts acknowledge the cyclic nature of the diamond business and its vulnerability to global geopolitics, economic downturns, and consumer market volatilities. However, De Beers CEO Al Cook remains confident in the future of diamonds. He believes that the demand for natural diamonds will continue to grow, especially with the rise of the middle class in China and India.

While 2023 was a difficult year for the global diamond industry, De Beers sees massive opportunities in key markets. Cook emphasizes the strong foundations of natural diamonds and points out that consumers in the US and China rank natural diamonds among the top three most desired luxury products for women.

The solid demand for diamonds, particularly in the US, has sparked a recovery in the industry. The restart of rough diamond imports in India has further contributed to the rebound. However, it will take time for the industry to fully recover, given the uncertain economic growth prospects in major economies. Nonetheless, the foundations of the natural diamond industry remain strong, and there are promising opportunities for growth in key markets.

De Beers CEO Al Cook has reiterated his confidence in the foundations of the natural diamond industry.

“It is in this inauspicious context that I would like to share my confidence in the future of diamonds, when you feel unstable, when it feels like the ground is shifting under your feet, you assess your position by checking your foundations,” he said.

“While we have likely already passed the peak of diamond supply, demand for natural diamonds is set to grow into the future. With more than 100 million middle class entrants in China and India over the next decade, diamonds will remain sought after,” Cook said when giving opening remarks during the Natural Diamond Summit held in Gaborone late last year.

“We have analysed past downturns dating back to the turn of this century. In each one we saw strong diamond recoveries based on sound foundations.”

Cook said despite a slowdown in 2023, the foundations of natural diamonds remain strong. “In fact in the two largest markets for diamonds, the US and China, consumers rank natural diamonds in the top three most desired luxury products for women to acquire.”

 

 

 

Continue Reading

News

DJ Bafana’s one man show on the cards

21st February 2024

DJ Bafana, a talented DJ from Francistown, is gearing up to host his very own one-man show, a groundbreaking event that aims to not only showcase his skills but also empower fellow musicians. This ambitious project is currently in the planning stages, with DJ Bafana actively seeking out potential sponsors to help bring his vision to life.

In a recent interview with WeekendPost, DJ Bafana revealed that he is in talks with two potential venues, Limpopo Gardens and Molapo Leisure Gardens, to host his show. However, he is facing challenges in securing sponsorships from companies, particularly those who do not fully understand the importance of music-related events. Despite this setback, DJ Bafana remains determined to make his one-man show a reality and to use it as a platform to empower and support other artists in the industry.

What sets DJ Bafana’s show apart is the fact that he will be making history as the first person living with a disability to host a one-man show in Botswana. This milestone is a testament to his resilience and determination to break barriers and pave the way for others in similar situations. By showcasing his talent and passion for music, DJ Bafana is not only proving his worth as an artist but also inspiring others to pursue their dreams, regardless of any obstacles they may face.

As DJ Bafana continues to work towards making his one-man show a reality, he remains focused on his goal of empowering and uplifting his fellow musicians. Through his dedication and perseverance, he is setting an example for others to follow and showing that anything is possible with hard work and determination. The date for the show is yet to be announced, but one thing is for certain – DJ Bafana’s one-man show is sure to be a memorable and inspiring event for all who attend.

 

Continue Reading

News

Lady of Soul remains tenacious as ever

21st February 2024

Radio Personality Tebogo Sekgoma affectionately known as Lady of Soul is determined to keep pursuing her ambitions vigorously, in spite of hurdles and stumbling blocks.

In an exclusive interview with this publication, Sekgoma divulged that she is working on her memoir. Although she won’t reveal much, the broadcast veteran said she will essentially be telling the story of her life.

The former Sunday Live host is also serving as a board member (Secretary General) at Botswana Association of the Blind and Partially Sighted (BABPS). She is actively involved in advocating for the rights of the visually impaired, a hiccup she refused to succumb to.

 

Continue Reading

News

Inside the new disability Law

21st February 2024

The new Disability Law in Botswana is a significant step towards ensuring the rights and inclusion of persons living with disabilities in the country. This act, which was passed into law on the 11th of December 2023, is a reflection of Botswana’s commitment to upholding the United Nations Convention on the Rights of Persons with Disabilities.

One of the key provisions of the act is the prohibition of discrimination against persons with disabilities in work-related matters. This means that employers will no longer be able to discriminate against individuals based on their disability when it comes to hiring, promotion, or any other aspect of employment. This is a crucial step towards creating a more inclusive and equitable society for all.

The act also establishes a National Disability Council, which will be responsible for overseeing the implementation of the act and ensuring that the rights of persons with disabilities are protected. This council will play a vital role in advocating for the rights of persons with disabilities and ensuring that they have equal access to opportunities in all areas of life.

In addition to prohibiting discrimination in the workplace, the act also sets out disability standards that must be adhered to by employers and other entities. These standards are designed to ensure that persons with disabilities are able to access the same opportunities and services as everyone else, without facing any barriers or discrimination.

Furthermore, the act provides for actions plans to be developed to address the needs of persons with disabilities, as well as administrative penalties and fines for those who fail to comply with the provisions of the act. This sends a clear message that discrimination against persons with disabilities will not be tolerated in Botswana.

Overall, the new Disability Law in Botswana is a positive step towards creating a more inclusive and equitable society for all. By prohibiting discrimination in the workplace and setting out clear standards for the treatment of persons with disabilities, this act will help to ensure that all individuals, regardless of their abilities, have the opportunity to fully participate in society.

 

Continue Reading