Good news for Botswana as diamonds gain from weak pound

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Botswana diamonds recorded a profit in the first half of the fiscal year, benefiting from a drop in the value of the British pound, industry experts said this week.

Total comprehensive income stood at $75,799 (GBP 61,000) in the six months that ended December 31, 2016, compared with a loss of $340,472 (GBP 274,000) during the same period a year earlier.

The profit received a boost from a $244,792 (GBP 197,000) currency gain, as the Botswana pula appreciated 9% during the half-year against the British pound – the currency in which the mining giant, Debswana reports.

The British pound has fallen about 17 percent against the dollar since the UK voted to leave the EU in last June’s referendum. It is one of the worst-performing currencies in the world for the period and remains incredibly volatile.

Reference: diamond.net

 

8 months ago