Minerals Minister Eric Molale told parliament that “the global diamond demand is showing signs of slowing down.”
He said global jewellery sales were largely low during last quarter of 2018 while polished prices continued to decline between the end of 2018 and January 2019, albeit at a slower rate.
“Trading and prices to remain subdued during the first quarter of 2019 due to significant overstocking of small polished diamonds of categories below 30 points,” he said.
Botswana’s economy is largely dependent on the diamond sector, with the mineral accounting for more than half of the country’s gross domestic product.