Online Version

Facebook Feed

  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
  • About Us
  • Advertise
  • Disclaimer
  • Contact Us
  • Login
  • Register
Saturday, January 28, 2023
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home Business

De Beers buoyant on growth

Ricardo Kanono by Ricardo Kanono
March 4, 2021
in Business
240 12
0
De Beers buoyant on growth

Rowley

491
SHARES
1.4k
VIEWS
ShareShareShare

  • Group expect better recovery in 2021
  • Positive demand for diamond industry
  • 2020 bruising as revenues drop by 30%

BAKANG TIRO

editors@thepatriot.co.bw

Blue chip diamond company De Beers Group is buoyant that its business will bounce back this year as compared to 2020 due to the promising demand in diamonds since the start of the year.

De Beers Executive Vice President Diamond Trading, Paul Rowley, while presenting the Group’s 2020 financial results, said the Group revenue stood at $3.4 billion in 2020 as compared to the $4.6 billion posted in 2019, representing 30% decline. But he is buoyant of growth amid 2021 outlook.

“2020 was unprecedented year for the diamond industry globally and we also suffered from the effects of Covid-19. Containment measures such as the lockdowns impacted negatively on our business operations. There have been significant challenges for the rough diamond industry,” he said.

The buoyant De Beers Group executive said there has been high demand for diamonds in 2021 and therefore recovery is imminent. But he cautioned that the business has to be vigilant too.

Rowley added that the company’s target in 2021 is to produce between 32 and 35 million carats.

According to him, the production target is informed by the promising signals of recovery in the diamonds sales as most of De Beers’ top markets are showing resilient economic recoveries.

 Anglo American, the parent company of De Beers, recently revealed that the rough diamond output at De Beers Group declined by 14% on its production report of fourth quarter (Q4) of year 2020.

The company said the decline was driven by continued planned reductions in response to the lower demand for rough diamonds caused by Covid-19 and operational challenges at the Orapa mine.

Anglo America owns 85% of De Beers Group, the world’s leading diamond company, with the remaining 15% owned by the Government of Botswana and both mining diamonds through Debswana mines.

“In Botswana, production decreased by 28% to 4.3 million carats, driven by the planned treatment of lower grade material at Jwaneng, where production decreased by 56%. This was partly offset by a 9% increase at Orapa due to a planned improvement in grade despite a slower than anticipated plant restart in December following scheduled maintenance as well as power supply interruptions affecting plant availability,” said Anglo American while reviewing Botswana.

But, Rowley said De Beers anticipates recovery at all Debswana mines in 2021. De Beers, a diamond mining giant which operates across the whole value chain of the lucrative industry, said it underwent massive transformation in 2020 so to withstand the pandemic heat wave.

Rowley indicated that as part of accelerating the transformation, the Group down streamed its operations and announced new brands like 12 Forever goals as well consumer markets division.

Giving update on community response in 2020, De Beers Group Chief Financial Officer, Susanne Swanniker-Tettey said the company cushioned the communities it operates in amidst Covid-19.

She said that included the launch of Building forever 2030 goals – the sustainability and commitment goals by which the Group intends to build partnerships for thriving communities.

The Group’s 12 Building Forever ambitious sustainability goals for the coming decade include achieving gender parity throughout its workforce, a diamond producing partner countries and being carbon neutral within its own diamond mining operations by 2030.

Related

Tags: BAKANG TIRODe Beers Group

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
The Patriot On Sunday

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?