One% diamond business for Botswana in 40 years

source: Mmegi
Staff Writer

They may have transformed Botswana from one of the poorest countries in the world at independence to a middle income economy, but many would be shocked at the revelations that the returns Botswana derived from the diamonds under the De Beers arrangement of 40 years were just a drop in the ocean, less than one percent of the total world diamond returns.

Until they entered into a new and revolutionary agreement with De Beers diamond company around 2006, Botswana’s diamond returns were equivalent to just one percent of the world diamond trade valued at US 67 billion.

The founding coordinator of Botswana Diamond Hub, Dr Akolang Tombale, reflecting on his legacy as both the founding coordinator of the diamond hub, and the Permanent Secretaryin the Ministry of Minerals, Energy and Water Affairs, told Mmegi in a wide ranging interview yesterday that Botswana used to get only $3bn from the world diamond industry.

” It was in fact less than one percent. That is why there was that feeling that [continue reading]

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