Africa-Press – Botswana. President Advocate Duma Boko says the approval for the establishment of a verification centre was not only a recognition of Botswana’s leadership in the diamond industry, but was also a vote of confidence in the country’s transparency, governance and commitment to ethical practices.
Addressing the media in Gaborone yesterday, following his participation at the 3rd edition of the Facets 2024 in Antwerp, Belgium, President Boko said this would position Botswana as a vital player in the global effort to ensure ethical sourcing, giving both buyers and retailers confidence in the diamonds they purchased.
This, he said was a testament to Botswana’s growing influence and leadership in shaping the future of the diamond industry.
He said the centre would be the second after Belgium and would verify the origin of rough diamonds meant for export to the G7 leading industrialised countries.
“This means that Botswana will now align with G7 requirements by playing a direct role in verifying that diamonds do not originate from restricted regions, including Russia,” he said.
Furthermore, President Boko said government was looking forward to the imminent conclusion of talks on a new sales pact with global diamonds giant, De Beers.
De Beers, a unit of mining company Anglo American, last year agreed to a new diamond sales pact, which would see the government’s share of diamonds from the Debswana joint venture gradually increase to 50 per cent over the next decade.
President Boko said the Belgium trip reaffirmed Botswana’s position as a beacon of excellence in the diamond industry and promising destination for international investment.
He also said Botswana’s enduring partnership with De Beers, had been a cornerstone of the country’s diamond industry for decades.
“While negotiations are ongoing, I want to assure all Batswana that these discussions are progressing well and we will soon culminate into a stronger, more equitable agreement for our nation,” he said.
He said Botswana and De Beers were committed to tackling the momentary challenges in the diamond market, hence the partnership would continue to create opportunities for growth, not just for the diamond industry, but for every citizenry whose livelihood was touched by diamonds.
“Be confident that the partnership will secure a brighter future for the diamond sector, a future where Botswana takes even a greater share of the value derived from our own natural wealth,” he said.
While it is well documented that the diamond market was facing persistent challenges, President Boko said there were emerging signs of hope as there were slight signs of recovery in the rough diamond sector with promising prospects for retail markets, especially in the United States of America.
“As we look ahead to 2025, I urge everyone to approach the future with a blend of realism and optimism that the country will overcome the diamond market challenges due to the nation’s resilience and innovative status,” he said.
He said Botswana, as the world’s largest diamond producer by value, stands tall in the diamond market recovery story and there was need to take pride in the fact that Botswana continues to set the global standard for excellence in diamond production.
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