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G7 Sanctions Will Harm Botswana’s Diamond Development, Officials Say

The measures taken by the G7 nations to restrict the flow of Russian diamonds will change the way the diamond trade operates. the announcement has triggered concerns - and at times panic - among all segments of the industry. In particular, the stipulation that diamonds will have to be certified as G7 compliant in Antwerp has ruffled feathers. 


From a national point of view, the measures have made the producer countries nervous. None more so than Botswana, which relies so heavily on its diamond revenue that any negative impact can have a ripple effect on its economy. 


The sanctions irk even more given that the Governmemnt of Botswana just completed a prolonged negotiation for a new 10-year sales agreement with De Beers. As much as that deal was seen as a major win for the government, and a tool to ensure continued growth of the local industry, there's an uneasy feeling the G7 sanctions could derail that progress.


I had the honor of interviewing Lefoko Fox Moagi, Botswana’s minister of mineral resources, green technology, and energy security, and Emma Emma Peloetletse, permanent secretary to the President, exploring their concerns about the "unintended consequence" of the sanctions, for my latest piece published by Rapaport.


Read the full article here.


Image: Botswana’s Minister of Minerals & Energy, Lefoko Moagi, speaking at the Natural Diamond Summit in Gaborone last November. (Botswana President’s office / Facebook).

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