27 May 2020
DiamondWorld Directory
Home |
De Beers, Botswana Government to partner new Venture
Diamonds fuel Botswanas development but employ only 1.5% workforce
By: Diamond World News Service
May 23 2006 12:00AM
Reference: 361  


De Beers chairperson Nicky Oppenheimer and the Botswana government will launch a new joint venture company, the Botswana Diamond Trading Company, on May 23, 2006. A number of new mining releases will also to be signed. The day will mark 50 years of De Beers exploration in Botswana, which has resulted in four mines, one the largest, one the most valuable in the world, and two smaller ones. Botswana is now the worlds largest diamond producer, providing De Beers Diamond Trading Company with 31-million carats of mostly gem diamonds each year. Its sales, exclusively through the DTC, equate to roughly 35% of the worlds diamonds.

The Botswana DTC (BDTC) is the result of lengthy negotiations spurred by Botswanas desire to get more out of its diamond industry through marketing and cutting and polishing as mining production levels off. The new agency will supply an initial four cutting factories which De Beers has encouraged its sightholders to set up in Botswana. The BDTC will make up boxes for De Beers sights in London and there has been speculation that it will itself hold international sights, although this has yet to be announced.

Diamonds have fuelled Botswanas development, but the capital intensive industry employs less than 1.5% of the workforce. Botswana has an enviable balance sheet, credit ratings better than many European countries, but rising and persistent unemployment. The cutting and polishing is seen as one way of generating jobs. The rise of the industry has made Botswana overwhelmingly dependent on diamond revenues — in 2004/05 to the extent of a direct 35% of gross domestic product, 72 % of export earnings and 50% of government revenues. Indirectly the contribution is much more.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
HouseAd_Trade Fair
Search News by City
Kosher 23460
HouseAd_Trade Fair
Recent Issue
Kosher 23460
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 26304
GJEPC Chairman Interview
Views: 23641
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 30602
Promo for IJ Awards 2012 at NDTV Profit
Views: 44763
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 45821
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18140
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 43481
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 41725
Finestar Diamonds
Member of:
Supporter of: