• BPP feasting on the BDPJuly 8, 2025
    Welcomes defecting BDP members Ex-minister Makgalemele dumps BDP to join BPP Motive of some seen as opportunistic BAKANG TIRO editors@thepatriot.co.bw RelatedPosts BPP feasting on the BDP CEOs face axing Rough diamonds turbulence A strategic partner in the Umbrella for… Read more: BPP feasting on the BDP
  • STRIDES FOR SUCCESS: VACANICESJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • FARM TRAQUAIR : FARM WORKERJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • UNIVERSITY OF BOTSWANA : Professor in SociologyJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • GREAT PLAINS : RELIEF CAMP GENERAL MANAGERJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
  • Login
  • Register
Tuesday, July 8, 2025
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Subscribe
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 upbeat despite Covid-19

patriot by patriot
November 11, 2020
in Business
240
0
De Beers Executive Vice President Diamond Trading-Paul Rowley

De Beers Executive Vice President Diamond Trading-Paul Rowley

491
SHARES
1.4k
VIEWS
ShareShareShare


Blue chip giant diamond dealing company, De Beers Group’s rough diamonds sales declined significantly to $1 billion in 2020 as compared to $2.3 billion recorded in June 30, 2019 period.

The Group revealed during announcement of its 2020 Interim financial results on Thursday that its total revenue shrank by 54% to $1.2 billion (30 June 2019: $2.6 billion).

RelatedPosts

Rough diamonds turbulence

BVI ships over 500 000 doses of FMD vaccines to SA

BTCL enjoys strong growth

Rough diamond sales volumes decreased by 45% to 8.5 million carats (30 June 2019: 15.5 million carats) due to the significant impact of Covid-19 on the global diamond industry.

De Beers Executive Vice President Diamond Trading-Paul Rowley said the decline in business is attributable to the Covid-19 pandemic. The outbreak of Covid-19, he said, led to immense decline in diamonds demand in key markets.

“Rough diamond sales have also been materially affected by lockdowns and travel restrictions especially in Southern Africa region, delaying the shipping of rough diamonds into cutting and trading centres and preventing buyers from attending the sales events,” Rowley underscored.

Meanwhile, the Group says China market has seen strong diamond jewellery sales post-lockdown, with sales for May and June respectively above those for the comparable periods of last year.

“Underlying EBITDA decreased to $2 million (30 June 2019: $518 million) owing to the impact of the considerably lower sales volumes and the lower rough price index reducing margins in both the mining and the trading businesses. Unit costs were flat compared with the first half of 2019 due to cost-saving measures and the favourable exchange rates,” the group announced.

In Botswana, production was 36% lower at 7.5 million carats as compared to 11.7 million carats mined on 30 June 2019, with the fall driven by a lengthy nationwide lockdown from 2 April to 18 May.

Botswana mining operations also suffered a blow as the production levels at Jwaneng mine fell by 34% to 4.3 million carats as compared to 6.6 million carats mined in June 30 2019 due to a shutdown.

Production at Orapa fell by 39% to 3.1 million carats (30 June 2019: 5.1 million carats) due to the lockdown impact, including contests related to commissioning of new plant infrastructure.

De Beers says the Botswana mining operations restarted from mid-May, with production targeted at levels to meet the lower demand. According to Rowley, the Group focuses on keeping its business resident despite the challenges, noting that this would be underpinned by its long existence in the game spanning 134 years.

“We are confident that that we will recover from the devastating impact brought by Covid-19. Mainland China market has shown signs of a strong recovery as stores have returned to normal operating hours. We also put in place other alternative diamonds viewing sites,” Rowley added.

The current market outlook, however, according to the Group is highly uncertain owing to the possibility of a second wave of Covid-19 infections, with most countries still highly affected.  

The Review

Related

Tags: De Beers

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

Unsubscribe
Previous Post

THE CORRUPT MORIBUND BDP AND THE SIMPLE MINDED BDP VOTER

Next Post

Sefalana revenue 10% up

Related Posts

Rough diamonds turbulence
Business

Rough diamonds turbulence

July 7, 2025
BVI ships over 500 000 doses of FMD vaccines to SA
Business

BVI ships over 500 000 doses of FMD vaccines to SA

July 2, 2025
BTCL enjoys strong growth
Business

BTCL enjoys strong growth

June 30, 2025
From tenderpreneurship to true entrepreneurship
Business

From tenderpreneurship to true entrepreneurship

June 27, 2025
Digital Public Infrastructure as a Strategic Imperative
Business

Digital Public Infrastructure as a Strategic Imperative

June 27, 2025
Be a problem solver – Tips from tech-preneur Mothooagae
Business

Be a problem solver – Tips from tech-preneur Mothooagae

June 25, 2025
Next Post
Sefalana revenue 10% up

Sefalana revenue 10% up

Please login to join discussion
  • BPP feasting on the BDPJuly 8, 2025
    Welcomes defecting BDP members Ex-minister Makgalemele dumps BDP to join BPP Motive of some seen as opportunistic BAKANG TIRO editors@thepatriot.co.bw RelatedPosts BPP feasting on the BDP CEOs face axing Rough diamonds turbulence A strategic partner in the Umbrella for… Read more: BPP feasting on the BDP
  • STRIDES FOR SUCCESS: VACANICESJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • FARM TRAQUAIR : FARM WORKERJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • UNIVERSITY OF BOTSWANA : Professor in SociologyJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • GREAT PLAINS : RELIEF CAMP GENERAL MANAGERJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
The Patriot On Sunday

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

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

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

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?