September 11, 2015 / 9:24 AM / 4 years ago

Botswana's Debswana cuts diamond production due to market downturn

Diamond buyer Elliot Tannenbaum, from the Leo Schachter Diamond Group, looks at uncut diamonds from his company's allocation at a sightholders week at De Beers offices in central London August 29, 2013. Photograph taken on August 29, 2013. REUTERS/Olivia Harris

GABORONE (Reuters) - Botswana’s Debswana, the world’s biggest diamond producer by sales value, has cut its 2015 production target to 20 million carats from 23 million carats, its secretary for economic and financial planning Taufila Nyamadzabo said on Friday.

“We had to revise our 2015 growth forecast from 4.9 percent to 2.6 percent due to (a) downturn in the global diamond market,” Nyamadzabo said.

Sluggish demand in the diamond market saw sales at rivals De Beers and Okavango Diamond Company (ODC) fall by over 20 percent in the first six months of the year.

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