🎬Diamonds are forever?

POLITICS
Botswana finally gets the revolution it wanted

The Land of Diamonds is making headlines because the shiny gem has put up a lackluster performance for its economy since the turn of the year, prompting a change in government.

On Friday, President Mokgweetsi Masisi conceded defeat after parliamentary elections in which voters overwhelmingly rejected the ruling party that had been in power for 58 years. He made the congratulatory call to the opposition leader, Duma Boko faster than you would return a ‘call me now’ text from your landlord, referring to him as the new president-elect.

Diamonds are forever?

Botswana is one of the world’s biggest producers of rough diamonds by value, but the stability it’s enjoyed from them is shaking. The price of diamonds is falling, as is demand. Demand has virtually collapsed in the important markets of China and the U.S. as artificial diamonds grown in laboratories are becoming increasingly popular.

• In 2023, 12 million carats of diamonds were extracted from Botswana’s largest mine in Orapa, the equivalent of two and a half tons. This year, it will only be half as much.

• In July, the International Monetary Fund slashed Botswana's growth forecast for 2024 from 3.6% to 1%.

According to experts, President Masisi’s attempts to diversify the economy away from diamonds were apparently too little, too late - and the people of Botswana could tell.

More of the same, please. Duma Boko who took office on Friday, has already begun negotiations with De Beers, the world’s largest diamond miner to implement an agreement that would see Botswana own 50% of the diamonds mined on its soil. His action plans also appear to be focused on the diamond industry, with an emphasis on processing instead of just exporting the raw material. -EA

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