Africa-Press – Botswana. Botswana must turn its diamond heritage into a “timeless global brand” to ride out the current crisis, says Chaim Even-Zohar.
The veteran analyst, one-time editor-in-chief at IDEX and proud supporter of Botswana says it’s time for the world’s biggest diamond-producing nation (by value) to seize the moment and take control. And he offers five key recommendations.
In an article entitled Botswana’s Diamond Destiny: Time to Take Control, published in Mmegi, Botswana’s English language newspaper, he says the country must:
1. Insist that any future partner in De Beers (85 per cent currently being sold off by Anglo American, Botswana has a 15 per cent stake) loans the Botswana government at least $1bn.
2. Insist on full and immediate control of De Beers’ diamond production, sales, marketing and branding.
3. Use smart financing mechanisms to give Botswana control, flexibility, and inclusive ownership – while managing financial risks.
4. Avoid getting saddled with De Beers’ loss-making mines in Canada.
5. Stay away from Angola (which wants to acquire a minority stake in De Beers). Namibia would be a better regional ally.
Even-Zohar retired in 2017 after almost 40 years at the forefront of diamond industry journalism. When he chooses to write, the industry notices.
“The Trump-era world will not respect weakness,” he says, in conclusion.
“It will respect Botswana’s strength, integrity, and vision. It is the destiny of the people of Botswana to seize this moment and decide their own future. Botswana first. Forever.”
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