Analysis by Region - Emerging Markets - Botswana

Analysis by Region - Emerging Markets - Botswana

Global diamond market conditions remain unfavourable, with prices plummeting in 2023 from the highs recorded during the pandemic. Globally, consumers are opting to cut back on luxury spending on account of tight monetary policy conditions and headwinds facing the global economy. Furthermore, diamond prices have also come under pressure from an increased appetite for lab-grown alternatives as part of consumers' efforts to trim expenses. Despite the slump in prices, Botswana is anticipated to derive some benefit following the suspension of rough diamond sales by Alrosa PJSC, while G7 nations are considering a fresh round of sanctions specifically targeting Russian diamonds and banning their entry into G7 markets.