Tuesday, April 23, 2024

Serame calls G7’s Antwerp certification a threat to diamond beneficiation

Minister of Finance Peggy Serame has decribed the imposed certification of diamond in Antwerp, Begium as a threat to Botswana’s diamond beneficiation. Delivering her 2024/25 budget speech last week said the decision by the G7 countries to streamline certification of diamonds may have adverse effects on Botswana’s economy. 

“There are several risks which, if not mitigated can reverse some of the macro-fiscal gains achieved so far. These include risks in the diamond sector stemming from weak economic activity in the major trading economies. Risks in the diamond sector, particularly in the beneficiation sub-sector will also be worsened by the G7 plan to verify the origin of non-Russian goods through diamond certification in Antwerp, Belgium. This may have adverse effects on the country’s ability to accumulate foreign exchange reserves and Government revenue,” Serame said.   

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