22 June 2024
Botswana has ascended to the rank of the top diamond producer globally, unseating sanctions-hit Russia.
Most of Botswana’s diamond found in the Orapa diamond deposit is operated by De Beers, a leading diamond company.
Following the G7 sanctions on Russia, De Beers moved its auctions to Botswana to streamline its business operations and facilitate the further development of the country’s diamond sector.
The relocation comes as the diamond industry reels from effects of a traceability initiative introduced by the Group of Seven leading industrialized countries, or G7, in a bid to sanction Russian diamonds.
Under the arrangement, all diamonds entering G7 markets are routed through Antwerp, Belgium, to ascertain their origin.
However, Botswana has criticised the arrangement, arguing that it has disrupted the supply chain. Botswana President Mokgweetsi Masisi will meet German Chancellor Olaf Scholz on June 21 to discuss the certification process.
Source: https://northafricapost.com/78231-botswana-propelled-to-worlds-top-diamonds-producer.html
