<br>By Felix Njini and If you beloved this article and you would like to receive extra details concerning [https://jetblacktransportation.com/ JetBlack] kindly go to our website. Veronica Brown<br><br>CAPE TOWN, Feb 6 (Reuters) - Botswana's state diamond company resumed diamond auctions in January, its managing director said on Tuesday, after a two-month halt last year as the industry as a whole tackled a glut of inventory.<br><br>Demand for mined diamonds has sagged under the pressure of high interest rates in the United States, home to 55% of global consumption, China's sluggish recovery from the pandemic and competition [https://jetblacktransportation.com/ eco friendly car service from newark to jfk 2026] lab-grown gems.<br><br>The impact has been especially damaging in Botswana whose economy relies heavily on diamond sales.<br><br>The state's Okavango Diamond Company (ODC) held a gem auction in January and plans another this month as the market shows signs of improvement, Mmetla Masire, the company's managing director, told Reuters.<br><br>ODC, normally holds 10 auctions a year, but its last two in November and December were halted after only around 30% of the diamonds on offer found buyers, Masire said.<br><br>The company has started to reduce its inventories, but it is still unclear [https://jetblacktransportation.com/blog/how-to-book-a-car-service-from-newark-airport-to-jfk-in-2026-the-no-stress-guide-that-saves-time-money-and-your-last-nerve/02052026 how to book a car service from newark airport to jfk] robust demand is, Masire said. At the January auction, about 70% of the stones ODC had on offer were sold.<br><br>The ODC sells a share of the gems it is allocated [https://jetblacktransportation.com/ eco friendly car service from newark to jfk 2026] Debswana Diamond Company, Botswana's joint mining venture with Anglo American unit De Beers, on behalf of the government.<br><br>Its share of rough stones from Debswana will rise [https://jetblacktransportation.com/ eco friendly blog/how-to-book-a-car -service -from -newark -airport-to -jfk -in-2026-the-no-stress-guide-that-saves-time-money-and-your-last-nerve/02052026 how to book a car service from newark airport to jfk] Debswana will rise to 50% over the next decade from 25% last year after Botswana reached a new sales deal with De Beers in 2023.<br><br>Anglo CEO Duncan Wanblad told Reuters on Monday the company saw small signs of recovery in the diamond market.<br><br>"We can't say the market is as it was before. We will only possibly know about April [https://jetblacktransportation.com/blog/how-to-book-a-car-service-from-newark-airport-to-jfk-in-2026-the-no-stress-guide-that-saves-time-money-and-your-last-nerve/02052026 how to book a car service from newark airport to jfk] strong the recovery is," Wanblad said.<br><br>De Beers CEO Al Cook said on Tuesday he believed the uptick in demand will be sustainable but slow and that "prices will be somewhat lower for somewhat longer".<br><br>"When you look at those causes of the decline in demand last year, macroeconomic growth, the kind of long COVID if you like, and lab-grown diamonds, they will take their time to work their way through," Cook told Reuters. "So I'd expect months and years for their recovery rather than days and weeks."<br><br>India, which cuts and polishes about 90% of the world's rough diamonds, asked global miners last year to stop selling to it as it sought to manage accumulated stocks. (Reporting by Felix Njini and Veronica Brown; editing by Barbara Lewis)<br><br><br><br>If you loved this article and you would like to get more info regarding [https://jetblacktransportation.com/blog/eco-friendly-car-service-from-newark-to-jfk-in-2026-why-green-transfers-beat-the-chaos-every-single-time/02052026 JetBlack] generously visit the webpage.