Diamonds continue to be the main engine of growth of Botswana's economy, even if the current performance of the industry will persist, says Managing Director E Consult Kit Dzheffris (Keith Jefferies).
Diamond exports provide about one third of Botswana's GDP, 80% of export revenues and 40% of its budget revenues.
The conference "Botswana Resource Sector" in Gaborone Jeffries, however, noted that diamond sales will not lead to growth of the economy in the event that the volume of extraction of stones will remain unchanged.
In February, De Beers reported that the company's production of Debswana, its joint venture with the Government of Botswana, in 2015, fell 16% to 20.37 million carats.
Debswana provides most of the De Beers diamond mining, with 85% of products are sold by the diamond giant and the rest - the State Botswana Okavango Diamond Company.
Finance Minister Kenneth Matambo countries (Kenneth Matambo) said earlier that Botswana's budget deficit rose to 3.8% of GDP in the fiscal year that began April 1, due to lower exports of diamonds from the country.
However, Jeffries said that coal would not be able to replace diamonds as a source of government revenue.
According to him, the coal export tax is also lower than that of diamond exports.
Coal reserves in Botswana estimated at 212 billion tonnes.
As suggested by Jeffreys, future profitability is reduced due to increased cost of production in the diamond sector.
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The Ministry of Finance of India, concerned about the slow development of the gold monetization scheme, on November 19, convenes a meeting of the main representatives of the jewelry industry in New Delhi. Representatives of banks, assay centers and refineries, as well as the Bureau of Indian Standards (BIS), are expected to attend the meeting.
Despite the fact that the monetization scheme was launched almost two weeks ago, fewer than 40 assay centers received certification required for the collection and testing of gold. Meanwhile, even these centers do not receive requests for monetization of gold. Although Indian citizens are interested in a new scheme in banks, these structures have not yet begun to promote the scheme, as they expect certain indications from the Reserve Bank of India and from the government.
Initially, the Ministry reported that the scheme will be launched when at least 100 assay centers will be active. BIS officials conduct a working trip to all state capitals to tell the test centers how they can get certification. It is reported that on November 18, one such meeting was held in the state of Karnataka.
In India, almost 350 assay centers, of which less than 40 are certified for gold testing under the monetization scheme. In the south of India there are about 150 such centers, of which only eight are certified. Aruna Gaitonde, chief editor of the Asian Bureau of Rough & Polished How they can get certification. It is reported that on November 18, one such meeting was held in the state of Karnataka. In India, almost 350 assay centers, of which less than 40 are certified for gold testing under the monetization scheme. In the south of India there are about 150 such centers, of which only eight are certified. Aruna Gaitonde, chief editor of the Asian Bureau of Rough & Polished How they can get certification. It is reported that on November 18, one such meeting was held in the state of Karnataka. In India, almost 350 assay centers, of which less than 40 are certified for gold testing under the monetization scheme. In the south of India there are about 150 such centers, of which only eight are certified.
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