Debswana Production Increased in Q4 2022 – BoB

  • Increased production attributed to strong plant performance at Jwaneng
  • But Lucara production went down by 4.4 % to 86 655
  • Botswana’s Real GDP grew by 5.8 % in 2022


Debswana Diamond Company produced 5.8 million carats of diamonds in the fourth quarter of 2022, which was 10.6 percent higher than the 5.2 million carats produced in the corresponding period in 2021.

According to the Bank of Botswana’s (BoB) Monetary Policy Report (MPR), the increase in production was due to strong plant performance, particularly at Jwaneng Mine.

“Debswana’s production target for 2023 is set at 23.5 million carats, while production guidance for the larger De Beers Group is at 30 – 32 million carats, subject to trading conditions and the extent of further COVID-19 related disruptions,” BoB says in the MPR.


BoB says production by Lucara Diamond Corporation (Karowe Mine) decreased by 4.4 percent to 86 655 carats in the fourth quarter of 2022, from 90 634 carats produced in the corresponding period in 2021.

“The decrease was mainly attributable to the uncertainty caused by Russia’s invasion of Ukraine and China’s lockdowns to contain the spread of COVID-19 virus, thus delaying recovery of demand for diamonds,” says the MPR.

On a different note, the MPR says Botswana’s Real Gross Domestic Product (GDP) grew by 5.8 percent in 2022, compared to a growth of 11.9 percent in 2021. “Mining output increased by 7.5 percent in 2022, a notable deceleration from 29.8 percent in 2021,” it says.


“The deceleration was due to a slower growth in output of most sub-sectors, led by the mining of diamonds, which decelerated to 7 percent in 2022, compared to a growth of 31.4 percent in the previous year.

“The slower growth in the sector reflects dissipating base effects associated with the relaxation of COVID-19 travel restrictions.

“Meanwhile, the decrease in output of mining of gold and other metal ores, and mining support services activities sub-sectors in 2022, is because of resource nearing depletion as the lifespan of the Mupane Mine approaches the end.”

COVID impact

The MPR indicates that non-mining GDP grew by 5.3 percent in 2022, compared to a higher growth of 7.8 percent in 2021, due to the deceleration of output growth for most sectors, namely, Construction, Wholesale and Retail, Diamond Traders, Transport and Storage, Information and Communication Technology, Real Estate Activities, Professional, Scientific and Technical Activities, Administrative and Support Activities, Human Health and Social Work, and Other Services.

“It is worth noting that the high growth rate in 2021 was mainly due to economic recovery from the low base associated with the negative impact of the COVID-19 pandemic containment measures, which were more stringent in 2020,” says the MPR.