Losses at Dublin-based Botswana Diamonds widened to £274,000 (€345,878) for the six months to 31 December 2015, from £174,000 recorded during the same period a year earlier.

The increase was attributed to an exchange difference on translation of foreign operations.

Operating losses at the exploration company narrowed from £166,000 recorded during the six months to the end of December 2014 to £155,000 in 2015.

Chairman John Teeling said Botswana Diamonds is conducting an extensive exploration programme in Botswana.

“With our partners, Alrosa, we are drilling, sampling and conducting geophysics on two licences in the Orapa area.”

Mr Teeling said the economic slowdown in most Asian markets is causing a blip on the rising demand curve particularly for gemstone quality stones.