Botswana Diamonds says it made significant progress on its strategic expansion efforts

Reflecting on its performance for the financial year ended June 30 and the first six months of its 2026 financial year, Botswana Diamonds says it has strengthened its asset base for both diamond and critical minerals exploration, as well as adopted advanced technologies.

Chairperson John Teeling says, “ Globally, the diamond industry experienced muted consumer spending and persistent uncertainty in several major markets this year.” Teeling explains that demand for diamonds in China remained soft while there were lower jewellery sales in the US, the largest consumer market for diamond jewellery, owing to inflationary pressures and broader economic caution. We enter the next phase of our development with renewed confidence, a broader portfolio and a roadmap for value creation.”

The situation was exacerbated by growing supplies of lab-grown diamonds, which Teeling says compresses prices in the lower-to-mid-value segments of the natural diamond market. However, the negative effects of lab-grown diamonds were most pronounced in categories where volume outweighs rarity. To this end, Botswana Diamonds’ exploration portfolio is focused on high-value diamonds, where natural diamonds continue to enjoy strong consumer demand.