Gaborone, Botswana — MININGREVIEW.COM — 21 November 2008 – Debswana – the world’s biggest diamond producing company in terms of value – says it intends reducing output to match the prevailing level of demand for rough diamonds, on the back of the global financial crisis.
A50/50 joint venture between the government of Botswana and the De Beers Group, Debswana produces approximately 33 million carats of the precious stones a year, which it sells on to its marketing arm, the Diamond Trading Company, for further export to the global market.
The company pointed out that the international credit crisis was affecting the mining sector worldwide, and added that Debswana was not likely to be spared the adverse effects of this development.
“The global recession may impact demand for rough diamonds in the short-term, and Debswana is fully prepared to reduce production to be consistent with the prevailing level of demand for new rough diamonds from our clients, the company said.
Botswana is the world’s biggest diamond producer.