Botswana officials have voiced apprehension over the Group of Seven’s (G7) planned restrictions on Russian diamonds, warning of potential negative impacts on the country’s diamond trade and economic progress.
Lefoko Moagi, Botswana’s minister of mineral resources, green technology, and energy security, emphasized that the proposed requirement to channel all diamonds through Antwerp for verification poses logistical challenges and could hinder Botswana’s beneficiation efforts.
The government is advocating for verification processes to occur in producer countries like Botswana, leveraging existing infrastructure and expertise.
However, frustrations have arisen due to the lack of engagement and clarity from the G7.
Botswana’s economy heavily relies on the diamond industry, with diamond mining contributing significantly to GDP.
The country aims to expand its diamond manufacturing capacity and stimulate local entrepreneurship through initiatives like the recent agreement with De Beers.
Concerns extend beyond Botswana, with other African producer countries also expressing unease over the G7 measures.
President Mokgweetsi Masisi, along with counterparts from Angola and Namibia, has appealed to G7 leaders, emphasizing the detrimental effects on the entire diamond supply chain.
As Botswana navigates these challenges, there’s a call for stronger engagement with decision-makers to address concerns and ensure a more practical approach to implementation.
Despite uncertainties, Botswana remains committed to preserving its economic sovereignty and pursuing its development goals.
SOURCE:rapaport.com
