Africa-Press – Botswana. The global diamond industry is entering a phase of transformation as it works to adapt to evolving consumer expectations and macroeconomic pressures, the Executive Vice President of Diamond Trading at De Beers Group, Paul Rowley, has said.
Speaking at the Future of Mining Summit hosted by Projects Magazine in Gaborone from 16 to 17June, Rowley said the sector is beginning to align around key steps needed to reignite consumer interest in natural diamonds.
He spoke of a renewed focus on the provenance of diamonds and the importance of safe, ethical and sustainable production, noting growing efforts to distinguish natural diamonds from synthetics, including a push to highlight the emotional, cultural and financial value unique to natural stones.
Provenance and ethics
“With all these challenges, working together has never been more important,” Rowley stated. He pointed to recent efforts by producer countries to collaborate under the Natural Diamond Council to support category marketing as a sign of progress.
But despite optimism for the long-term future, Rowley admitted that the present remains difficult, citing shifting demand patterns and heightened uncertainty. “Demand patterns are shifting, driven by evolving consumer values, especially among younger generations who prioritise provenance, sustainability and authenticity,” he said.
He also cited geopolitical tensions and economic uncertainty as contributing factors to disruption across global supply chains. Calling this “perhaps the most challenging” time that he has experienced in the industry, Rowley stressed the importance of short-term decisions to position the sector for recovery.
Botswana partnership “pivotal”
He described the long-standing partnership between De Beers and Botswana as “pivotal” to the industry’s future, referencing new agreements signed earlier in the year. He thanked former president Mokgweetsi Masisi and the government for their role in the negotiations, calling the agreements a symbol of stability.
Looking ahead, Rowley outlined three directions for evolution of the industry: digitalisation, traceability, and collaboration. He emphasised the importance of platforms like Tracr, a blockchain tool developed by De Beers to verify diamond origin and journey.
“All De Beers rough diamonds above one carat now have a single country of origin listed on Tracr,” he noted, adding that Botswana’s Okavango Diamond Company had recently joined the platform. The aim, he stated, is to build consumer trust through transparency and create value for diamond-producing communities.
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