Botswana Takes Greater Control Of Local Diamond Industry
A new diamond-processing plant, jointly owned by the Botswana government and diamond giant De Beers, has opened in Botswana, marking a major shift in power within the local diamond industry.
Botswana is the world's largest producer of diamonds,and home to the world's richest diamond mine - the Jwaneng mine. Until now, diamonds from Botswana have been sent abroad to be polished, marketed and sold, preventing the local economy from benefiting from the development of secondary industries such as diamond polishing and cutting. The creation of this new $83 million processing plant will change this, creating 3,300 local jobs by the end of next year.
The Botswana government has long been keen to develop downstream industry from the mining of diamonds, so when the lease for the Jwaneng mine was due for renewal, it was a perfect opportunity to negotiate in favour of the local economy. De Beers were left with very few options other than to shift processing to Botswana in exchange for the lease renewal.
16 clients of De Beers, including diamond jewellery names such as Tiffany, have now set up operations within the country as a direct result of the new plant, and the government has ambitious plans to transform its capital, Gaborone, into a major global diamond centre.
Botswana is the world's largest producer of diamonds,and home to the world's richest diamond mine - the Jwaneng mine. Until now, diamonds from Botswana have been sent abroad to be polished, marketed and sold, preventing the local economy from benefiting from the development of secondary industries such as diamond polishing and cutting. The creation of this new $83 million processing plant will change this, creating 3,300 local jobs by the end of next year.
The Botswana government has long been keen to develop downstream industry from the mining of diamonds, so when the lease for the Jwaneng mine was due for renewal, it was a perfect opportunity to negotiate in favour of the local economy. De Beers were left with very few options other than to shift processing to Botswana in exchange for the lease renewal.
16 clients of De Beers, including diamond jewellery names such as Tiffany, have now set up operations within the country as a direct result of the new plant, and the government has ambitious plans to transform its capital, Gaborone, into a major global diamond centre.
posted by The Diamond Chicks at 1:52 PM
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