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First-half sales down 16 % at Botswana’s Diamond Company

Published

6 years ago

August 17, 2018

Sales at Botswana’s state-owned Okavango Diamond Company (ODC) fell 16 percent in the first half of 2018 to $260 million, its managing director said, citing a high comparison base against last year’s record growth.

Marcus ter Haar said the company sold 1.778 million carats in the first half of 2018 compared with 1.808 million carats in the same period last year.

“A favourable rough diamond market over this period has meant ODC has generated healthy sales for the first half of 2018 despite not being able to offer larger volumes to our customers compared to the same period in 2017,” he said.

Ter Haar said customers from the United States and Far East largely drove demand in the six months through June.

Looking ahead, he said sales for the remainder of 2018 were unlikely to be as strong as in the first half due to an anticipated cyclical downturn in the market.

“Current indications suggest that a seasonal slowdown in the diamond market has now begun which will have somewhat of a dampening effect on the promising first half,” he said.

ODC, which holds ten sales auctions each year, sells 15 percent of Debswana’s production as Botswana develops its own price book through the independent window outside of De Beers’ channels to gauge the market.

Debswana, a joint venture between Anglo American’s De Beers and Botswana, recorded a 9 percent jump in production in the first half of 2018 to 12.08 million carats.

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VenturesNow

Egypt’s November inflation drops to 25.5%, near 2-year low

Published

10 hours ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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Nigeria creates N20bn consumer credit fund for domestic automakers

Published

2 days ago

December 9, 2024

Ifeoluwa Dada

In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.