Botswana’s diamond sector shows renewed momentum as global demand rises and December sales signal a long-awaited market rebound, according to Minister Kenewendo
BONGANI MALUNGA
Botswana is on course to rebound in diamond sales, nearly a decade after category marketing efforts for the sector stalled, the Minister of Energy and Minerals, Bogolo Kenewendo told Parliament this week.
The minister noted that renewed momentum in the global diamond market is providing encouragement for the country’s most important economic sector.
RISING GLOBAL DEMAND
According to the Minister, the recovery is being driven by rising global demand for natural diamonds, alongside strong sales recorded in December, which signal improving market confidence.
Kenewendo revealed that the improved outlook reflects both market dynamics and ongoing efforts to reposition natural diamonds as luxury products with enduring value. “10 years after category marketing stalled we are now rebounding, actively investing and this is the work that we hope will be reflected in the sales that are to come,” Kenewendo announced.
REVITALISING THE INDUSTRY
The Minister underlined that the government’s stance is supported by consistent year-on-year performance, demonstrating that drawing down on stock and maintaining market activity during a downturn played a key role in revitalising the diamond industry. “The value might have not been the same because prices were depressed but we managed to push as hard as we could to reignite the industry,” the Minister added.
STRONGER REVENUES
She added that sustained demand growth could translate into stronger revenues for Botswana, reinforcing the sector’s role in supporting economic growth, employment and public finances. “Markets are returning to the natural diamond industry, we are seeing this. The December holiday sales were positive. The jewellery industry is positive, manufacturing hubs are asking for more (natural) diamonds,” Kenewendo stressed.