Africa-Press – Botswana. Following a challenging year 2023, in the diamond trading market, De Beers experienced some improvement at the beginning of 2024, but momentum slowed down in the second quarter due to ongoing macroeconomic challenges.
Presenting De Beers 2024 Interim Financial Results recently, the company’s Diamond Trading Executive Vice President Mr Paul Rowley said despite the challenges experienced during the first half of the year, the company had made great progress in its new origins strategy, which aim at enhancing value across business spectrum.
De Beers Group’s new strategy, unveiled at the number one jewellery trade show, JCK (Jewelers Circular Keystone) in the US, is a five-year strategy aimed at boosting natural diamond marketing, streamlining the business and focusing on high return investments from exploration to retail.
“I think it’s fair to say that we started off the year 2024 very cautious and it paid dividends though it was not an easy six months for us,” he said.
Still in the first half of the year, Mr Rowley said De Beers had a little bit of an upliftment, which he said was not usual in the diamond industry.“We intend to make a comeback a little uplifted, as the markets move forward a little better. If we’re honest, that’s been a challenging six months driven largely by China’s slow economic recovery that impacted on demand for all luxury products,” he said.
Due to ongoing economic uncertainty and retail caution, Mr Rowley said the trading conditions were expected to remain challenging in the near term with the recovery in rough diamond demand expected to be gradual.
However, he expressed delight that De Beers’ new origins strategy would enhance value across business spectrum, from mining to retail and revitalise desire for rough diamonds among a new generation of consumers.
Beyond financial performance, De Beers showcased its commitment to community support through corporate affairs initiatives.
The Vice President for Corporate Affairs, Ms Otsile Mabeo, emphasised the importance of entrepreneurship in driving sustainable economic growth.De Beers’ efforts to support entrepreneurs, particularly through the Stanford Seed programme, were highlighted as crucial steps towards reducing unemployment and fostering economic diversity.
Ms Mabeo praised the positive impact of the Stanford Seed Transformation Programme, which provided essential business training and resources to entrepreneurs in Africa and South Asia.
Through strategic partnerships and targeted interventions, De Beers aims to catalyse job creation, fuel economic growth, and empower a new wave of entrepreneurs in the producer countries.
In a bid to expand the reach and effectiveness of its programmes, De Beers has collaborated with various institutions in Botswana to identify and support promising entrepreneurs.
Notable achievements include a surge in programme applicants, with a significant representation of female entrepreneurs contributing to job creation and economic sustainability across producer countries.
As De Beers continues to pioneer initiatives supporting entrepreneurship and economic development, its commitment to driving growth within the private sector remains unwavering.
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