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DIAMONDS: Botswana

DIAMONDS: Botswana A new deal is struck with Belgium.The government of Botswana said on March 27th it will buy a 24% stake in Belgian diamond company HB Antwerp. The deal comes amidst uncertainty over Botswana's long‐standing sales agreement with South African industry giant De Beers.In February, President Mokgweetsi Masisi indicated his unhappiness with a 54‐year‐old sales deal with De Beers, which is due to expire on June 30th. In the current deal, Botswana is allocated 25% of rough diamonds mined under a joint venture, but Masisi wants to control a greater share of his country's production and its processing.Officially opening HB Antwerp's cutting and polishing plant in Gaborone Masisi said Botswana must gain more from its diamond resources, for the “simple reason that the returns that come with having control to sell our diamonds with value addition, are much, much, higher than the returns on the sales of rough diamond stones.”Botswana's deal with De Beers was once hailed as one of the most successful Public Private Partnerships (PPP) in Africa, but has been under negotiation for five years, Africa Confidential commented (20/3). This is largely due to African economies only receiving revenue for rough diamonds. Polishing, marketing and selling in the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Africa Research Bulletin Economic Financial and Technical Series Wiley

DIAMONDS: Botswana

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Publisher
Wiley
Copyright
© 2023 John Wiley & Sons Ltd.
ISSN
0001-9852
eISSN
1467-6346
DOI
10.1111/j.1467-6346.2023.11074.x
Publisher site
See Article on Publisher Site

Abstract

A new deal is struck with Belgium.The government of Botswana said on March 27th it will buy a 24% stake in Belgian diamond company HB Antwerp. The deal comes amidst uncertainty over Botswana's long‐standing sales agreement with South African industry giant De Beers.In February, President Mokgweetsi Masisi indicated his unhappiness with a 54‐year‐old sales deal with De Beers, which is due to expire on June 30th. In the current deal, Botswana is allocated 25% of rough diamonds mined under a joint venture, but Masisi wants to control a greater share of his country's production and its processing.Officially opening HB Antwerp's cutting and polishing plant in Gaborone Masisi said Botswana must gain more from its diamond resources, for the “simple reason that the returns that come with having control to sell our diamonds with value addition, are much, much, higher than the returns on the sales of rough diamond stones.”Botswana's deal with De Beers was once hailed as one of the most successful Public Private Partnerships (PPP) in Africa, but has been under negotiation for five years, Africa Confidential commented (20/3). This is largely due to African economies only receiving revenue for rough diamonds. Polishing, marketing and selling in the

Journal

Africa Research Bulletin Economic Financial and Technical Series – Wiley

Published: May 1, 2023

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