Botswana Diamonds PLC, a diamond exploration and project development company that holds exploration licences in Botswana and South Africa, has recorded a £560,974 loss for the year ended 30 June 2024.
The loss is a significant improvement of fortunes for the company which recorded a £3,381,999 loss in the previous financial year.
According to chairman John Teeling, declining interest rates over the past few months and a gradual increase in prices is a sign that the diamond industry might be past its worst times.
"We have confidence in the future of the diamond industry. Three billion people worldwide will enter the middle class in the coming generation. They will want the things that many in the West have, including diamonds. We already see this happening in the demand for diamonds in China and India," said Teeling.
Last week, Botswana Diamonds' Artificial intelligence-driven multi-mineral prospectivity programme unveiled seven significant kimberlite targets that have not been previously reported, with one target being identified as being of particularly high interest due to its geological qualities.