Diamond industry hit hard by financial crisis
February 3, 2009 · Posted in Diamond
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The global economic downturn is having a huge impact on the diamond industry. Mining giant Botswana says its diamond sales dropped about 17 percent in 2008 compared to the previous year, the Associated Press reports.
The AP says a meeting of international diamond producers and dealers was called off last week in neighboring Angola because of the effect of the financial crisis on the industry.
Kenya’s Daily Nation, reporting from Gaborone, Botswana’s capital, says analysts expects up to a 22 percent drop in diamond retail sales in the United States this year. Mining accounts for 39 percent of Botswana’s GDP.
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