Botswana’s economy continues to rely heavily on government spending.
That expenditure is itself fueled by diamonds.
After a more recent round of diamond rough sales, sight holders were given a flexibility to purchase what they could including going above or below what they are contractually obliged to purchase.
This is scarier for Botswana government than it is for De Beers.
And worse, the consequences will be felt way beyond government enclave.
Diamond stockpiling is already underway.
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