26 Nov 2024

Botswana appreciates the shift in diamond market dynamics and consumer preferences, President Advocate Duma Boko has said.

Officiating at the third FACETS conference in Antwerp, Belgium yesterday, President Boko said today's consumers demanded more than just exquisite and luxurious diamonds.

Therefore, he said it was imperative that the country adapted to the trends and be innovative to match the industry’s resilience and remain relevant in the dynamic landscape.

President Boko thus assured attendants that Botswana was committed to pioneering traceability and responsible mining practices, ensuring that the diamonds not only shine in beauty but also embodied integrity and ethical stewardship.

In that regard, he said buying Botswana diamonds was a powerful gesture that symbolised consumers’ commitment to the communities and the nation’s development.

President Boko said the gesture represented commitment to ethically source diamonds that have enabled Botswana to transform from one of the world’s poorest nations at independence into a beacon of socio-economic success.

“By choosing Botswana diamonds, you are not just selecting a product; you are becoming a part of a movement towards ethical and sustainable development. You are choosing gems that reflect your values and a commitment to making a lasting positive impact,” he said.

Furthermore, he said Botswana and De Beers were committed to bolstering the desirability and demand for natural diamonds.

President Boko said through collaborative marketing effort, Botswana and De Beers were actively addressing this critical priority.

He said joint campaigns with leading retailers in the United States of America, India, and China were underway to highlight the enduring beauty and authenticity of natural diamonds, positioning them as the ultimate symbol of love and heritage.

To this end, he said Botswana’s partnership with De Beers continued to strengthen, with negotiations nearing completion.

He said both teams were working diligently to finalise a deal that would not only enhance the future of Botswana’s diamond industry but also secure confidence for investors and stakeholders globally.

“Together, we are laying the groundwork for a thriving global diamond market and a sustainable, mutually beneficial future,” the President said.

For his part, vice president of the Antwerp World Diamond Centre (ADWC) Mr Ravi Bhansali said they had supported developing rough diamond verification points directly in producing nations like Botswana, Namibia and Angola.

He noted that Antwerp was ready to assist and support producer partners achieve their goals, by sharing expertise, and fostering dialogue between all relevant authorities.

“We are looking for win-win scenarios that meet the G7’s regulatory standards, and empower rough diamond producers to independently determine the trade of their natural treasures,” he said.

He said ADWC also fully supported proposed solutions such as the digitisation of the Kimberley Process, which could only help achieve the shared goals.

The G7 prioritises high ethical traceability standards, and transparency to track the resources from mine to the final consumer. ENDS