Story perspectives

Botswana's Diamond Surplus Hits 12 Million Carats Amid Price Decline

1/20/2026

Summary

Story summary

Botswana's finance ministry says the diamond stockpile reached 12 million carats, nearly double the 6.5 million allowed.
The surplus stems from declining diamond prices caused by lab-grown competition and weak global demand.
Debswana, the joint venture responsible for 90% of diamond sales, suspended production at some mines last year.
The economy is projected to shrink about 1% in 2025 after a 3% contraction in 2024.
Diamonds contribute about one-third of national revenues.

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Story summary

Botswana's finance ministry says the diamond stockpile reached 12 million carats, nearly double the 6.5 million allowed.
The surplus stems from declining diamond prices caused by lab-grown competition and weak global demand.
Debswana, the joint venture responsible for 90% of diamond sales, suspended production at some mines last year.
The economy is projected to shrink about 1% in 2025 after a 3% contraction in 2024.
Diamonds contribute about one-third of national revenues.