Lives in: Gaborone, Botswana
Botswana’s diamond sector is experiencing a renewed surge as global demand rises sharply, bringing a fresh wave of revenue for the country’s export-driven economy. According to updates from the Ministry of Minerals and Energy, Botswana recorded a significant rebound in both rough diamond sales and polished exports during the first quarter of the year.
How we made it in Africa editor-in-chief Jaco Maritz spoke with government officials, mining executives, and economists to understand the drivers behind this new wave of growth.
A Rebound Driven by Market Stability
Botswana’s economy heavily depends on diamonds, which account for over 70% of its export earnings. After two years of global slowdown due to inflation and weakened luxury spending, demand from the United States, China, and the UAE has sharply increased.
During a media briefing in Gaborone, Minister Lefoko Moagi stated:
“We are seeing renewed confidence from global buyers. This rebound is not accidental; it is the result of improved international market conditions and Botswana’s strategic partnerships.”
De Beers Partnership Strengthens Output
Executives from Debswana, the joint venture between Botswana and De Beers, confirmed that production has stabilised and sales events in Dubai and Antwerp performed far above projections.
A senior Debswana official commented:
“The global luxury market is recovering faster than expected. Botswana stands to benefit greatly because our diamonds remain highly competitive and ethically sourced.”
Benefits for Citizens and the Economy
Economists say the revenue surge could help Botswana expand development projects, fund public services, and support job creation. However, experts also warn that the country must diversify to reduce dependency on diamonds.
Economist Dr. Thuto Rasebotsa noted:
