{"id":28195,"date":"2023-06-04T17:47:23","date_gmt":"2023-06-04T17:47:23","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession"},"modified":"2023-06-04T18:21:00","modified_gmt":"2023-06-04T18:21:00","slug":"botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession","title":{"rendered":"Botswana\u2019s diamond market threatened by anticipated U.S, Europe recession"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Botswana is geared to an economic slow-down as major diamonds markets of the Euro zone and the United States of America slide into a recession in the second quarter of this year.<\/b><\/p>\n

Jonathan DiMola, a portfolio manager at PineBridge Investment told a Virtual meeting Wednesday that the USA and Europe will go into a recession in the second half of this year. He said right now, investors are looking at the emerging markets such as China, Brazil and India.<\/p>\n

The meeting was organized by Kgori Capital- a Botswana domicile company under the theme \u201c Capital Positioning in Recessionary Environment.\u201d<\/p>\n

Botswana is the largest diamond producer by value and accounts for the lion share of its Gross Domestic Product.<\/p>\n

The diamond heavily dependent southern African country on diamonds and is bound to have a contraction during this year.<\/p>\n

The country\u2019s diamond power depends on three mines which are operated under Debswana \u2013 a 50\/ 50 joint venture between Botswana government and De Beers. The mine are at Jwaneng, Lethakane and Orapa.<\/p>\n

\u201c We see the diamond sector having a bit of tough year due to an expected slow-down in consumer demand particularly in the USA, because of pressure on real income and consumption,\u201d Finance advisor at the office of President told Reuters earlier this year.<\/p>\n

According to press reports government expects mineral royalties to sink to P 4,5 billion in 2023 from P 6.1 billion like-on-like. While dividend to government will slouch to P 11.3 billion from P 15 billion on a comparable period.<\/p>\n

The losses in the diamond industry are expected to be cushioned by the coal industry.<\/p>\n

Chief executive officer of Botswana Chambers of Mines, Charles Siwawa hailed Morupole Colliery Mine for being able to penetrate the international markets. Morupole is a land linked area, and is able to used railway-line to the north through Zimbabwe to Mozambique seaports for their export to Europe. And last year, it exported around 500,000 tonnes to South Africa- which it expected to push the volumes to 1.2 million tonnes this year.<\/p>\n

South Africa\u2019s coal reserves are getting depleted and is facing a serious problem of black-out which are also attributed to the aged plants.<\/p>\n

Siwawa also indicated the Minergy in Masala coal fields also did well.<\/p>\n

\u201cMinergy is a very successful story , they managed to beat their South African competitors because they are an open cast. The South African mines are doing underground mining and it is becoming more expensive for them to compete. They beat the South African mines in terms of pricing,\u201d Siwawa said.<\/p>\n

He also hailed BPC for extending their power transmission to the Kgalagadi copper-belt which reduced the costs of operating Sandfire Mine -near Ghantsi -and Khoumacau Mine \u2013 north of Maun.<\/p>\n

Minerals Development Company Botswana\u2019s ( MDCB\u2019s) , chief executive officer, Matome Malema said his company is agile and has \u201cglobal investment focus\u201d that enables it to invest in known mining countries.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Botswana is geared to an economic slow-down as major diamonds markets of the Euro zone and the United States of America slide into a recession in the second quarter of this year. Jonathan DiMola, a portfolio manager at PineBridge Investment told a Virtual meeting Wednesday that the USA and Europe will go […]<\/p>\n","protected":false},"author":84,"featured_media":28194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-28195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nBotswana\u2019s diamond market threatened by anticipated U.S, Europe recession - Botswana<\/title>\n<meta name=\"description\" content=\"Botswana is geared to an economic slow-down as major diamonds markets of the Euro zone and the United States of Ameri ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Botswana\u2019s diamond market threatened by anticipated U.S, Europe recession\" \/>\n<meta property=\"og:description\" content=\"Botswana is geared to an economic slow-down as major diamonds markets of the Euro zone and the United States of Ameri ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-04T17:47:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-04T18:21:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/06\/sm_1685886306.306072.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1072\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Botswana\u2019s diamond market threatened by anticipated U.S, Europe recession\",\"datePublished\":\"2023-06-04T17:47:23+00:00\",\"dateModified\":\"2023-06-04T18:21:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession\"},\"wordCount\":497,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/06\/sm_1685886306.306072.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-diamond-market-threatened-by-anticipated-u-s-europe-recession\",\"name\":\"Botswana\u2019s diamond market threatened by anticipated U.S, Europe recession - 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