Botswana’s government has suspended issuing new licences for diamond cutting and polishing companies until further notice, as the proliferation of companies may make them difficult to regulate in the long term, said the minister of minerals, energy and water resources, Ponatshego Kedikilwe.

Kedikilwe said more preparations were needed before issuing more licenses, adding that there was also a need to establish an office that will monitor the companies.

He said the government was lobbying multi-national banks that specialise in the diamond industry to establish branches in Botswana to support the cutting and polishing companies. At the same time, he urged local financial institutions to take the opportunity to become the biggest players in the industry.