President Duma Gideon Boko used the smooth transition of power between himself and his immediate predecessor Mokgweetsi Masisi to make a case for Botswana’s ability to sustain economic partnerships. That Botswana’s democratic taproots sustain an economic partnership that is not dependent on the aleatoriness of luck and whim.
Speaking at the FACETS 2024 conference in Belgium recently, Boko acknowledged the critical juncture facing the diamond market, shaped by shifting consumer preferences, the rise of lab-grown alternatives, and heightened demands for ethical sourcing.
He said for Botswana, diamonds are more than a luxury commodity, they are an economic lifeline and a symbol of national identity. The industry accounts for a significant portion of Botswana’s GDP, with diamond revenues funding infrastructure, healthcare, and education. Yet, as the global market evolves, Botswana finds itself balancing tradition with transformation.
President Boko highlighted the partnership between the Government of Botswana and De Beers as central to navigating these changes. Negotiations between the two entities are nearing completion, with a new deal expected to bolster investor confidence and solidify Botswana’s role in the diamond industry’s future. The collaboration goes beyond mining, with joint marketing campaigns in key markets like the United States, India, and China aimed at reestablishing the allure of natural diamonds.
“Together, we are laying the groundwork for a thriving global diamond market and a sustainable, mutually beneficial future,” Boko said, emphasizing the shared responsibility of industry stakeholders to adapt to emerging challenges.
One of the most pressing issues is the growing competition from lab-grown diamonds, which are often marketed as more sustainable and affordable alternatives. President Boko acknowledged this shift, stressing that Botswana’s focus remains on ensuring its diamonds are synonymous with authenticity, ethical practices, and environmental stewardship.
Through initiatives like Tracr, a blockchain-based traceability platform developed in partnership with De Beers, Botswana is pioneering efforts to track diamonds from mine to market. This system assures consumers of the origin and ethical sourcing of their purchases, addressing modern demands for transparency and accountability.
“Today’s consumers seek more than just exquisite and luxurious diamonds; they want to uncover the human rights narrative woven into each stone,” Boko said. “Botswana is committed to pioneering traceability and responsible mining practices, ensuring that our diamonds not only shine in beauty but also embody integrity and ethical stewardship.”
Botswana’s diamond industry has long been a success story, transforming the nation from one of the world’s poorest at independence into a model of socio-economic progress. President Boko highlighted the dual symbolism of Botswana diamonds: as timeless treasures and as catalysts for national development. He appealed to global buyers, encouraging them to see each purchase as a commitment to sustainable development and the empowerment of Botswana’s communities.
“Buying Botswana diamonds is not just selecting a product; it is becoming part of a movement,” Boko stated, emphasizing the role of ethical sourcing in elevating both the industry and the nation.
As global markets grapple with economic uncertainty, including the lingering impacts of the COVID-19 pandemic, President Boko expressed cautious optimism for recovery. While the US remains a critical market, green shoots in the polished diamond segment signal potential for a stronger retail season. However, Boko urged realism, acknowledging that the industry must prepare for continued challenges in 2025.
Collaboration emerged as a central theme of the address. Beyond Botswana’s partnership with De Beers, the President commended the role of the Antwerp World Diamond Centre (AWDC) in enhancing business opportunities within the diamond trade. He called for continued collective innovation and consumer engagement to unlock the full potential of natural diamonds.
FACETS 2024 also served as a moment of reflection for Botswana, which hosted the previous edition of the conference in Gaborone. The event marked a milestone, showcasing Botswana’s capacity to lead industry dialogue and affirming its status as a critical partner in the diamond value chain.
“As most of you know, Botswana, having hosted the 2023 edition of FACETS, has for over five decades proved an invaluable partner to the diamond industry. The partnership that we cherish and indeed encourage you to continue nourishing with us, well into the future,” Boko said.
