Botswana stopped diamond mining at major sites because people buy fewer diamonds worldwide. Debswana company lost half its money last year when sales fell sharply. The business is a partnership between Botswana government and De Beers mining company. Workers will produce only 15 million carats this year compared to much more before. The country makes most of its money from selling diamonds to other nations.
Debswana closed the Jwaneng and Orapa mines for three months each. Company leaders want to save money on fuel and electricity during the shutdown. Lab-grown diamonds compete with real stones and hurt sales everywhere. American taxes on diamonds also make business harder for mining companies. Botswana produces more valuable diamonds than any other country around the world.
The government tried for many years to make money from tourism and copper mining instead. Diamond sales still bring in three-quarters of all foreign money that enters Botswana. Officials will cut their economic growth predictions to almost zero percent for this year. Workers can choose to leave their jobs but nobody faces forced layoffs. The diamond industry supports one-quarter of everything Botswana produces each year.
Debswana closed the Jwaneng and Orapa mines for three months each. Company leaders want to save money on fuel and electricity during the shutdown. Lab-grown diamonds compete with real stones and hurt sales everywhere. American taxes on diamonds also make business harder for mining companies. Botswana produces more valuable diamonds than any other country around the world.
The government tried for many years to make money from tourism and copper mining instead. Diamond sales still bring in three-quarters of all foreign money that enters Botswana. Officials will cut their economic growth predictions to almost zero percent for this year. Workers can choose to leave their jobs but nobody faces forced layoffs. The diamond industry supports one-quarter of everything Botswana produces each year.
