Botswana Diamond Center (Botswana Diamond Hub), which is engaged in diamond beneficiation in the country, said that the supply of diamonds to De Beers diamond manufacturers in the country declined last year almost doubled compared to 2014 year.
Director of the mineral raw materials center Kgotso Matlolela (Kgotso Matlolela) said at a mining conference in Gaborone that in 2014 the volume of diamond supply De Beers local cutters were $ 936 million. However, in 2015 this figure dropped to only $ 502 million.
She attributes such a strong decline in the supply difficulties encountered by the diamond market.
"The challenges facing the sector include lack of funding, the high price of diamonds that do not match the prices of diamonds, as well as competition from other luxury goods. Diamond jewelry belong to the premium segment, and therefore they compete with other products from this category ", - she added.
"The slowdown in global growth, marketing and competition also adversely affect the diamond market", - believes Matlolela.
Botswana currently operates 20 cutting and polishing companies.
Matlolela said that in the future Botswana should increase and maintain the volume of diamond cutting and diamond raw materials trading sector.
"We need to develop trade in diamonds, to build and maintain important services for the diamond industry, as well as to consolidate the cluster industry", - she said.
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Despite the wet season in Bangalore due to heavy rains, sales of Titan jewelry and watches have grown by 15-20% since mid-October. The increase in sales was observed not only in the segment of gold jewelry, but also in the section of diamond jewelry, whose sales increased during the Navaratri-Diwali festival.
"The Golden Harvest scheme from Tanishq, which ended abruptly last year, affected quarterly sales, but in the rest the numbers were very good," said Bhaskar Bhat, Managing Director of Titan. We see changes in the behavior of consumers in the watch segment.The watch is a standard gift, and at this time a significant amount of gift purchases take place. Interest in the watch segment in the Internet trade has also grown.
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