Facebook Feed

  • PUBLIC TENDER NOTICE: Botswana Unified Revenue Service (BURS)May 31, 2023
    1. THE PROVISION OF BIG DATA IMPLEMENTATION AND DATA ANALYTICS FOR 18 MONTHSTender Closing: 16th June 2023 2. SUPPLIES PROCUREMENT OF CISCO COMMUNICATION AND COLLABORATION EQUIPMENTTender Closing: 16th June 2023 3. PHYSICAL BURS ASSET VERIFICATION, TAGGING AND RECONCILIATION OF […]
  • Vacancy: Choppies Distribution Centre.Pty.LtdMay 31, 2023
    FINANCIAL SERVICES­ – OPERATIONS MANAGER Closing Date: 15th June 2023
  • VACANCY: Great PlainsMay 31, 2023
    Assistant Accountant  Closing Date: 17h00 on Sunday 04th June 2023
  • Absa Bank Botswana celebrates young, aspiring entrepreneursMay 31, 2023
    Absa Bank , in partnership with Global Communities, celebrated the successful completion of the “Built 4 Biz ” programme, a ground-breaking initiative aimed at equipping young entrepreneurs with the essential skills, on 26 May 2023 at Cresta Hotel Mahalapye. […]
  • Access Bank Botswana Unveils AccessAfricaMay 31, 2023
    . Instant Money Globally, Another Market First From Access Bank Botswana Gaborone, Botswana – May 30, 2023: Access Bank Botswana, the BSE-listed local arm of one of Africa’s largest retail banks, is pleased to announce yet another groundbreaking offering, […]
  • About Us
  • Advertise
  • Disclaimer
  • Contact Us
  • Login
  • Register
Thursday, June 1, 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 fights COVID-19 volatility

patriot by patriot
November 21, 2020
in Business
240 12
0
De Beers fights COVID-19 volatility
491
SHARES
1.4k
VIEWS
ShareShareShare

Giant diamond mining company De Beers Group said despite the hiccups they suffered due to COVID-19, they will persist against the pandemic.

The group admitted that the unprecedented situations incurred as result of the coronavirus menace on the world economies at large has impacted hard on its income streams as sales fell.

De Beers Executive Vice President Diamond Trading, Paul Rowley told an online media briefing recently that COVID-19 is an unprecedented contest as compared to prior economic disasters.

 He is however confident that the group will continue to make all major investments across the diamond value chain to ensure continued success during these economic hurdles plus volatile markets.

According to Rowley, investment on production capacity around rough diamond distribution efficiency still remains priority, noting that a large impact was felt on rough diamonds sales.

“The business operations have been affected by the COVID-19 spread across all of our markets. China has resumed economic activity and is promising for our diamonds in that market. USA is a top market but the situation has severely impacted consumer demand representing around half of the global market. India lockdown is hitting our market hard too,” he said.

The company, which mines its 60% of diamonds in Botswana through Debswana, on joint 50-50 partnership with Botswana Government, is in negotiations with government to provisionally migrate diamond viewing to closer international diamond sale centre to speed up sales amidst decline.

De Beers said post Coronavirus flexibility will be key as it there will be reduced global guidance production by 7 million carats to reflect demand and support long term value, stressing that is focused on returning to business as usual in Botswana soon.

Executive Vice President for Corporate Affairs, David Prager, said the group will continue with its corporate social response plans in line with their Forever Building Strategy. He said the group in meeting its community response has donated P20 million towards government COVID-19 relief fund, with P10 million in cash and half being the value of medical supplies.

The group said it is still impossible to provide a detailed outlook as a lot depends on the progress of virus and government response but it will not find new markets as their aim is to explore more possible lying investment opportunities into the existing markets such as China.

Economic rescue plan

Local independent economist and Managing Consultant at SPECK Dynamics Sennye Obuseng said the mining sector as the backbone of the economy has been heavily crippled by COVID-19.

Consequently, he posited that there is supposed to be robust diversification by government to tap into other viable sectors; highlighting agriculture as best positioned to reposition the economy.

“The large part of government revenue comes from diamond sales seconded by tourism which has also suffered more loss than mining from COVID-19. The country should turn focus into new means of revenue away from mining sector and it should also diversify its streams,” he averred.

In addition, Obuseng contended that all sectors of the economy, including government should be innovative in stimulating potential shock sectors of agriculture so as to safeguard food security.

He singled out the creative arts and services industry as other sectors that should be tapped into; shifting away from heavy reliance the mining and tourism sectors that are in comma. In terms of government driving the economic recovery response, he stressed that it can resort to smart borrowing to fund new sectors that proved worthy to unlock growth.

Related

Tags: COVID-19De Beers

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

Unsubscribe
  • PUBLIC TENDER NOTICE: Botswana Unified Revenue Service (BURS)May 31, 2023
    1. THE PROVISION OF BIG DATA IMPLEMENTATION AND DATA ANALYTICS FOR 18 MONTHSTender Closing: 16th June 2023 2. SUPPLIES PROCUREMENT OF CISCO COMMUNICATION AND COLLABORATION EQUIPMENTTender Closing: 16th June 2023 3. PHYSICAL BURS ASSET VERIFICATION, TAGGING AND RECONCILIATION OF […]
  • Vacancy: Choppies Distribution Centre.Pty.LtdMay 31, 2023
    FINANCIAL SERVICES­ – OPERATIONS MANAGER Closing Date: 15th June 2023
  • VACANCY: Great PlainsMay 31, 2023
    Assistant Accountant  Closing Date: 17h00 on Sunday 04th June 2023
  • Absa Bank Botswana celebrates young, aspiring entrepreneursMay 31, 2023
    Absa Bank , in partnership with Global Communities, celebrated the successful completion of the “Built 4 Biz ” programme, a ground-breaking initiative aimed at equipping young entrepreneurs with the essential skills, on 26 May 2023 at Cresta Hotel Mahalapye. […]
  • Access Bank Botswana Unveils AccessAfricaMay 31, 2023
    . Instant Money Globally, Another Market First From Access Bank Botswana Gaborone, Botswana – May 30, 2023: Access Bank Botswana, the BSE-listed local arm of one of Africa’s largest retail banks, is pleased to announce yet another groundbreaking offering, […]
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?