31 Jul 2024

Botswana has been applauded for its achievements powered by the diamond industry. 

Speaking  during tour of the Diamond Trading Company Botswana (DTCB) facilities in Gaborone on Tuesday,  Governor General of The Bahamas, Dame Cynthia Alexandria Pratt noted that the story of Botswana diamonds was unique and something worth   preserving and sharing with the rest of the world.

“I have never seen such remarkable works in my life. I am happy to see the hard work involved in the sorting and valuing of diamonds. I will now be able to speak to my people with some knowledge. You are doing some remarkable work,” she  said.

The Governor General said she was inspired and could not wait for the day when the two countries would be working together to advance the natural diamond story. 

The Permanent Secretary in the Ministry of Minerals and Energy, Mr Pelaelo Khowe, said the visit by the Governor General opened a window of opportunities for both countries. 

He said it would equally strengthen ties and act as a catalyst for constructive dialogue  in identifying areas where the two countries would work together for mutual benefits. 

Additionally, he said both countries shared a common commitment of sustainable development. 

“We aspire to share knowledge, experience and best practices to lay the groundwork for enduring partnership that will contribute to prosperity and progress for both Botswana and The Bahamas,” he said. 

He said the minerals sector presented multiple opportunities for collaboration encompassing areas such as mineral exploration, sustainable resource management, renewable energy initiatives, technological advancement and governance best practices. 

Giving an overview of DTCB, the company’s Managing Director, Mr Sedireng Serumola, said the story of Botswana was intertwined with the discovery of diamonds. 

He said the country’s evolution to its current status where it was aspiring to achieve high-income economy was driven by revenue generated through the sales of diamonds. 

He also explained that Botswana was known for prudently spending revenue from diamonds, adding that the country was through Vision 2036 aspiring to achieve prosperity for all. 

He said the DTCB was an initiative born out of the Public Private Partnership (PPP), the government and De Beers each owning half of the company. 

Mr Serumola further noted that despite sustaining the country’s economy and prosperity over the years, the industry had in the past five years experienced challenges emanating from the COVID-19 pandemic and the market threats from lab grown diamonds. 

Additionally, he said market dynamics were also changing, as some consumers of diamonds were now diverting their interest and opting for other minerals.

 He said diamond markets such as China have not fully recovered, as they were still struggling from the aftermath of COVID-19. 

“Consumer preferences are also changing. We are working on developing scenarios that will prepare us to move forward and survive the changing environment,” said Mr Serumola. 

He said the DTCB was mandated with the sorting and valuing of diamonds from the Debswana mines. 

However, he explained that it was important to exploit the diamond value chain to maximise revenue generation for the country. 

He said maximising value coming out of diamonds would increase economic activities, grow Gross Domestic Product and create employment. 

He emphasised the need for the DTCB to move into other sectors of the diamond value chain such as processing and polishing to maximise the value of diamonds sold by the country. Ends