Botswana Takes Action Against Synthetic Gems Threat
GABORONE, May 29 – Botswana’s President Mokgweetsi Masisi has raised concerns about the impact of synthetic gems on the country’s diamond industry. As Botswana prepares to launch a $6 billion project to expand its Jwaneng diamond mine, Masisi highlighted the threat posed by lab-grown diamonds to the nation’s economy.
The natural diamond market has faced challenges in recent years due to a growing demand for affordable synthetic diamonds and global economic instability. Botswana, a key player in the diamond industry, is determined to protect its market share and promote itself as a leading producer of ethically sourced diamonds.
According to the Kimberley Process Certification Scheme, Botswana ranks second in global rough diamond production, behind Russia, but leads in diamond production by value. Diamonds account for a significant portion of the country’s revenue, foreign exchange earnings, and overall economic output.
President Masisi emphasized the importance of safeguarding the natural diamond sector, stating, “If lab-grown diamonds take our space, then you and I are finished.” He expressed his commitment to addressing the challenge of synthetic gems and maintaining confidence in natural diamonds.
Botswana, in partnership with De Beers, is set to launch a $6 billion project to extend the lifespan of the Jwaneng mine. The initial phase, costing $1 billion, aims to enhance diamond sampling capabilities and develop essential infrastructure for future project stages. Jwaneng mine, operational since 1982, is a significant producer of diamonds and a key employer in the region.
At the JCK Show in Las Vegas, President Masisi will advocate against a proposal by G7 countries to mandate diamond certification through Antwerp, Belgium. The United States, a major diamond consumer, supports this initiative as part of sanctions imposed on Russian diamonds following the Ukraine conflict.
Botswana’s proactive approach to safeguarding its diamond industry reflects its commitment to sustainable economic growth and ethical practices in the global market. The country’s efforts to combat the synthetic gem threat highlight the importance of preserving the natural diamond sector for future generations.