Botswana’s New President Vows to Mend Relations with De Beers Diamond Business
Botswana’s newly elected president, Duma Boko, has made it a priority to repair the strained relationship with Anglo American’s De Beers diamond business. Boko’s victory came as a surprise in the world’s largest producer of gem-quality diamonds by value, marking a significant shift in power as his party, the Umbrella for Democratic Change, defeated the long-standing Botswana Democratic Party.
In his inaugural speech, Boko emphasized the importance of preserving the beneficial partnership between Botswana and De Beers, which has been a cornerstone of the country’s economic success. Botswana holds a 15% stake in De Beers, with the remaining share owned by Johannesburg-listed Anglo. Additionally, the joint venture with De Beers, Debswana, plays a crucial role in supplying diamonds to the global market.
However, recent tensions between the government and De Beers have put a strain on the once harmonious relationship. Former President Mokgweetsi Masisi’s confrontational approach towards negotiating new terms with De Beers raised concerns among voters and contributed to his electoral defeat. The prolonged discussions over a new sales contract and extended mine licenses further exacerbated the situation.
As Boko takes office, he has expressed his willingness to engage in fresh negotiations with De Beers, signaling a potential shift in strategy. With Anglo’s plans to divest from De Beers by next year, Botswana faces the challenge of navigating the transition to new ownership while safeguarding its interests.
Despite the economic challenges posed by the downturn in the diamond market and increased competition from lab-grown alternatives, Botswana has been commended for effectively managing its diamond wealth for the benefit of its citizens. With a GDP per capita surpassing $7,000 in 2021, Botswana stands out as one of the most prosperous nations in Africa.
Former President Ian Khama has urged Boko’s government to prioritize repairing the fractured relationship with De Beers and avoid resorting to resource nationalism. Khama criticized Masisi’s handling of the situation and emphasized the importance of maintaining strong partnerships for sustainable economic growth.
As Botswana enters a new era under Boko’s leadership, the focus will be on fostering a constructive dialogue with De Beers and exploring ways to maximize the economic potential of the diamond industry. With De Beers launching a new marketing campaign to stimulate demand, the future of Botswana’s diamond sector remains a critical aspect of the country’s economic prosperity.
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