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De Beers gloats over contribution to Botswana’s economic growth

05 july 2016
De Beers said its partnership with the Botswana government is the largest single contributor of the country’s economic growth.
De Beers product integrity manager Purvi Shah said diamonds had contributed significantly to Botswana’s success, going from a poor, landlocked, water-stressed nation dependent on subsistence agriculture at independence, to being the only African country in the top 10 countries with the fastest growing GDP per capita between 1966 and 2014.
“The Botswana-De Beers partnership is the largest single contributor to the Botswana economy besides government itself,” said Shah.
“As a result of beneficiation and seeking to achieve long-term strategic objectives, today every element of the diamond value chain is present in Botswana, from mining, sorting and sales, to diamond cutting and polishing, jewellery manufacturing, and retail.”
Shah said Botswana had managed to turn the value from its diamonds into “real value” for its population through infrastructure development, access to healthcare and investment in its education systems, and it was now seeking new opportunities for further diversification.
A report released by De Beers last year on Botswana showed that the partnership recorded revenues of almost $7 billion in 2014.
This directly generated $4 billion of value to the economy, which was the equivalent of 25 per cent of GDP
The revenues generated also from the sale of De Beers’ supply of rough diamonds to international diamantaires contributed $380 million, or nine per cent of the partnership’s total direct contribution to GDP.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished