Business is Booming for De Beers in Botswana

Business is Booming for De Beers in Botswana

Since the company was originally founded in 1888, De Beers has grown to become one of the largest diamond producers in the world—and in 2017, the company is more than living up to its reputation. Through the first half of the year, De Beers is on pace to produce more diamonds in Botswana than it has since 2014. At the current rate, the company could produce roughly 1.5 million carats more than it originally forecast, which could bode well for those looking to purchase diamonds in the near future.

At the beginning of 2017, De Beers set a goal to produce 20.5 million carats worth of diamonds in Botswana. But according to a recent interview with Executive Head of Strategy Gareth Mostyn, the company is now anticipating that it will produce 22 million carats this year. It will also purchase about 10 million additional carats at sites located in Canada, Namibia and South Africa. It is clearly shaping up to be a very good year for the De Beers brand.

De Beers’ success should help diamond sales throughout the world to stay strong as well. In 2016, According to Bloomberg, global diamond increased by approximately 0.3 percent in 2016 to $80 billion. The demand for diamonds remains strong in 2017, with the demand rising in places like the U.S. and Asia. With these promising figures in mind, De Beers expects to stay on pace and hit their milestones that now seem well within reach between now and the end of the year.

Interested in buying or selling your own piece of diamond jewelry? You’ve come to the right place. Stop in or give us a call to speak with the fine jewelry experts at Frank Pollak & Sons today.

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