Botswana, the world’s second-largest diamond producer, is seeking a more prominent role in the industry as No. 1 player Russia faces international outrage following its invasion of Ukraine.
The southern African nation is vying to host a permanent new headquarters and secretariat for the Kimberley Process, which seeks to combat trade in the gems from conflict areas, part of the government’s effort to turn the country into a global industry hub. Income from diamonds have helped Botswana, which was among the world’s 25 poorest countries, attain upper-middle income status.
The Kimberley Process was initiated in 2003 by governments, civil rights groups and industry players to increase transparency and try and eliminate trade in so-called “blood diamonds.” While it has established a mechanism to trace the origin of the stones, which has curtailed the illicit trade, the US and groups such as Human Rights Watch and Amnesty International, have called for it to have a broader mandate and address more wide-ranging issues such as human rights abuses.
Over the longer term, sanctions against Russia could curtail demand for its gems, which would push up prices from stones produced elsewhere, but there it a limit as to how much they can rise before demand tails off, Masisi said. “We want to get into the whole value chain,” said Masisi, who has been in office since 2018. “We want to be the best bearers of knowledge on diamonds in the world.”