Speaking at a public event in Ramotswa, Boko laid out a bold vision to keep more value from the country’s natural resources within its borders. The initiative is part of a broader policy to ensure that not only diamonds, but also other key minerals such as copper and nickel, are processed locally.
Currently, only about 10% of Botswana’s diamond production is polished locally, with the majority exported in raw form. Boko’s administration plans to change that through new legislation aimed at creating a fully integrated local beneficiation pipeline.
The move comes at a time of economic strain. Botswana’s GDP contracted by 3.1% last year, while diamond revenues — which account for roughly 80% of export earnings and 30% of GDP — plummeted. Debswana, the joint venture between the government and De Beers, saw sales decline by more than half. Meanwhile, the country’s budget deficit has ballooned to 9% of GDP and its credit rating has been downgraded.
Boko’s government hopes that shifting to domestic value addition will not only boost economic resilience but also reduce Botswana’s heavy dependence on raw diamond exports. The policy is expected to spur job creation, develop local expertise, and strengthen the downstream diamond sector.
With dwindling reserves and rising economic pressures, Botswana is looking inward — not just to conserve resources, but to redefine how it benefits from them.
