Is Botswana getting a raw deal? Perhaps the better question is:
If Masisi gets his way, we may soon see "Made in Botswana" on engagement rings. If he fails, Botswana risks remaining the world’s most elegant quarry—rich in stone, but poor in power. Is Botswana getting a raw deal
For decades, the partnership between Botswana and De Beers has been held up as the gold standard (or should we say, diamond standard) of resource extraction. Unlike the "resource curse" that plagues so many African nations, Botswana used its gemstones to build schools, roads, and a stable middle class. For decades, the partnership between Botswana and De
Follow The World News for updates on the De Beers negotiations and global commodities. By [Your Name/The World News Staff] They warn
By [Your Name/The World News Staff]
They warn that if Botswana takes too much rough to cut locally, the global market will be flooded, prices will collapse, and the very value of the stone will vanish. Furthermore, they point out that Botswana lacks the skilled labor and energy grid (power cuts are common) to run a high-end polishing industry on its own. Talks are ongoing, but the clock is ticking. De Beers is under pressure from its parent company, Anglo American, to spin off or sell the diamond unit. Meanwhile, Botswana is sitting on shrinking reserves and an urgent need to diversify its economy before the mines run dry in two decades.