Botswana — Africa’s leading diamond producer by value is intensifying mining exploration to reduce reliance on diamond revenues amid a protracted global downturn in the natural diamond market. Mines Minister Bogolo Joy Kenewendo announced that the government will significantly expand geological surveying across the roughly 70% of the country that remains unexplored, aiming to identify deposits of critical and high-value minerals such as copper, cobalt and others essential for advanced manufacturing and energy transition sectors.

The decision comes as natural diamond demand weakens globally, pressured by a combination of economic uncertainty, high inventories, and the increasing market share of lab-grown stones. Diamonds have historically accounted for about one-third of Botswana’s national revenue and three-quarters of foreign exchange earnings, largely through the Debswana Diamond Company joint venture with De Beers. However, ongoing market weakness has left inventories of rough diamonds high, with stockpiles nearly double planned levels, prompting industry and government reassessments of future strategy.

While diamonds will continue to form the backbone of Botswana’s mining sector, Kenewendo stressed that diversification was critical to long-term economic resilience. To support this shift, the government has established a state-owned exploration company designed to strengthen geological data and attract investor interest in non-diamond mineral prospects. The move also positions Botswana to participate more fully in the global competition for strategic minerals, with interest from major economies, including the United States, already noted in early-stage discussions on partnership and development.

For the jewellery supply chain, Botswana’s pivot underscores the shifting dynamics of the diamond sector, and highlights an increased focus by producers and host governments to diversify revenue streams while managing exposure to cyclical demand patterns and alternative product segments.