Botswana’s diamond production rebounded sharply in the first half of 2026, but falling prices and weak global demand continue to cloud the outlook for the country’s most important export industry.
De Beers recently reported that diamond production in Botswana rose 43% to 10.3 million carats during the six months to June, compared with 7.2 million carats a year earlier. The increase was driven by the resumption of normal operations at the Orapa mine following maintenance work in 2025 and higher-grade ore at Orapa and Jwaneng.
The recovery comes despite continued weakness in the global diamond market. De Beers’ revenue fell 20% to $1.6 billion, while the average realised rough diamond price declined 32% to $105 per carat.
Demand for larger, high-quality natural diamonds remained relatively resilient, particularly in the United States, while India continued to provide support for sales. China’s luxury market, however, remains subdued amid slower economic growth.
The company attributed the pressure to weaker demand for lower-value diamonds and the growing impact of laboratory-grown stones, which continue to compete with natural diamonds in key markets.
Demand for larger, high-quality natural diamonds remained relatively resilient, particularly in the United States, while India continued to provide support for sales. China’s luxury market, however, remains subdued amid slower economic growth.
The results underscore broader concerns about Botswana’s dependence on diamonds. The Bank of Botswana and international institutions have repeatedly warned that weak diamond exports are weighing on economic growth, foreign exchange earnings and government revenue.
Looking ahead, De Beers expects production to ease in the second half of the year because of planned maintenance at Orapa and Jwaneng, although its full-year production guidance remains unchanged at between 21 million and 26 million carats.
For Botswana, the challenge remains less about production volumes and more about the pace of recovery in global demand and diamond prices.
