Botswana To Launch Second Global Diamond Hub, Challenging Antwerp’S Monopoly
Date
11/28/2024 7:00:44 PM
(MENAFN- The Rio Times) Botswana's diamond industry marks a significant shift as the country prepares to become the world's second diamond certification center after Antwerp. This development follows the G7's ban on Russian diamonds in January 2024.
The strategic move responds to industry concerns about Antwerp's initial designation as the sole certification point for G7 markets. Botswana, the world's second-largest diamond producer, contributes 30% to its GDP through diamond exports.
President Duma Boko confirmed at FACETS 2024 that Botswana will launch certification operations in 2025. Belgian and Botswanan experts have already validated the country's diamond tracing capabilities.
The nation's diamond sector faces challenges, reflected in economic growth dropping from 5.5% in 2022 to 2.7% in 2023. This new certification role aims to strengthen market stability.
Botswana maintains a balanced approach to economic development. While securing its diamond industry position, the country explores medical cannabis and solar energy opportunities.
The certification center's establishment strengthens Botswana's role in responsible diamond production. Neighboring countries like Namibia and Angola may follow with similar facilities.
The Antwerp World Diamond Centre provides technical support for this transition. This partnership ensures compliance with international standards while maintaining market confidence.
This development represents more than economic growth. It demonstrates Botswana's commitment to transparent diamond trading while protecting its market interests.
The certification hub creates a balanced power structure in global diamond trading. It provides an alternative to European dominance while maintaining strict ethical standards.
This change reflects broader industry trends toward decentralized verification systems. It supports both market efficiency and regional economic development.
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