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Sunday, 02 April 2023
Botswana diamonds setting new records on international market

Botswana diamonds setting new records on international market

Sales of diamonds from Botswana reached record levels last year due to Western buyers shunning Russian stones and steady global demand for diamond jewellery.

Botswana generates almost a third of its revenue and around 70% of its foreign exchange earnings from diamonds.

Almost a third of the world’s diamonds would normally come from Russia.

But because of its war in Ukraine there have been sanctions and some buyers have been looking elsewhere. Botswana has benefited.

The government’s joint venture with the mining giant De Beers – known as Debswana – sold a record $4.5bn (£3.6bn) worth of rough or uncut diamonds last year.

For decades Botswana has shown other countries that minerals can be a benefit rather than a curse.

The income from gemstones has helped the country develop.

Increasingly the southern African nation has been adding value at home by setting up diamond-cutting and polishing factories.

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