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Botswana: The Diamond of Africa

GABORONE, May 16 (Reuters)&nbsp;&#8211;&nbsp;Botswana, Africa&#8217;s top diamond producer, sees a prolonged ban on Russian diamonds opening the way for synthetic gems to expand market share, the country&#8217;s minister told a mining conference on Monday.



The United States, the world largest market for natural diamonds, imposed sanctions on Russia&#8217;s state-controlled Alrosa&nbsp;ALRS.MM&nbsp;in April, aiming to cut off a source of revenue for Moscow after its February invasion of Ukraine.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W61HG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Alrosa, the world&#8217;s largest producer of rough diamonds, accounted for about 30% of global output in 2021.



Botswana&#8217;s Minister of Minerals and Energy Lefoko Moagi said the ban on Russia diamonds might push prices up to the benefit of rival producers but he also said the gap would be hard to fill.



&#8220;We see the 30% gap that will be left by the ban being plugged by something else that is not natural. And for us that will be a challenge,&#8221; he said.



Jacob Thamage, head of Botswana&#8217;s Diamond Hub, said uncertainty over the Ukraine conflict makes it difficult for Botswana and other natural diamond miners to fill the supply gap as ramping up operations requires significant investment.



&#8220;You don&#8217;t want to invest a lot of money to up-scale and then the war ends the next day,&#8221; Thamage said. &#8220;We also see the higher prices pushing consumers to substitutes such as the synthetics and this can cause problems for us if we cede the market to unnatural stones.&#8221;



Sales at Debswana, a joint venture between Anglo American&nbsp;AAL.L&nbsp;unit De Beers and Botswana&#8217;s government, accounts for almost all of Botswana diamonds exports. These stood at $3.466 billion in 2021 compared with $2.120 billion in 2020.<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UB4O2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Thamage also fears that consumers might start to shun natural diamonds due to traceability issues.



&#8220;There is an increased fear that buyers of diamonds will begin to treat all natural diamonds as conflict diamonds and therefore shift to unnatural diamonds,&#8221; he said.



(Reporting by Brian Benza, Editing by Nelson Banya and Jane Merriman)

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Botswana sees Russian diamond ban opening door to synthetic gems

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In a struggling economy, South Africans finds themselves removing luxury goods from their budget.

SA jewellery maker Nungu Diamonds looks to tell a different story about industry

SA jewellery maker Nungu Diamonds looks to tell a different story about the industry

FREETOWN/JOHANNESBURG (Reuters) &#8211; Sierra Leoneans seeking damages for alleged environmental degradation around a diamond mine have applied for a freezing order on the assets of Octea, a subsidiary of Israeli billionaire Beny Steinmetz’s BSG Resources (BSGR).



In an affidavit to the high court of Sierra Leone, seen by Reuters, the lawyer for the plaintiffs said there was a “clear and present risk” the defendants could expatriate funds in order to avoid having to pay out if the court rules against them.



Sierra Leone’s High Court discussed the application for a freezing order on Tuesday and will continue on Wednesday, a lawyer for the plaintiffs and a court clerk said. A spokesman for BSGR said the company would not comment until there was a legal ruling.



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Octea has described the accusations in the case as “baseless and without merit.”



A lawsuit was filed against Octea subsidiary Koidu Limited and related companies in April last year by 73 plaintiffs who are identified in the complaint as part of an association that says it is made up of individuals who live or lived within 500 metres of the mine at the relevant times. In other court documents, plaintiffs say they have suffered respiratory infections and headaches from living near the mine.



The complaint seeks damages of an unspecified amount.



The affidavit said that without a freezing order, plaintiffs might have to seek execution of a possible judgment in their favour in as many as seven separate jurisdictions, because most of the 12 defendants are not domiciled in Sierra Leone, and BSGR is in administration proceedings.



BSGR and Octea Limited are registered in Guernsey.



Britain’s High Court issued a freezing order in December 2019 against Steinmetz and the seven other defendants in an ongoing case against Brazilian iron ore miner Vale (<a href="https://www.reuters.com/companies/VALE3.SA">VALE3.SA</a>), freezing assets including a yacht and two Bombardier aircraft held by BSGR parent company Nysco Management Corporation, court documents show.



Sierra Leone’s mines minister Timothy Musa Kabba did not reply to a request for comment.

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Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

GABORONE, Botswana (Reuters) &#8211; The Botswana government said there was no guarantee that it would be able to renew a new 10-year sales agreement with De Beers before the end of December, when the current one expires, as the coronavirus pandemic has delayed negotiations.



“The ideal situation would be to end the talks by December but there are no guarantees that will happen,” said Mmetla Masire, Permanent Secretary in the Ministry of Minerals told Reuters in an interview late on Monday.



The deal is necessary for the Debswana Mining Company, jointly held by the world’s biggest producer De Beers and the Botswana government, as it provides the country with around two-thirds of its foreign exchange and makes up a fifth of its GDP.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="910" height="569" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background.jpg" alt="" class="wp-image-378169" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background.jpg 910w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-820x513.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-696x435.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-600x375.jpg 600w" sizes="(max-width: 910px) 100vw, 910px" /></figure>



For De Beers, a new deal would mean another 10 years of clarity on the terms of its revenue stream from a country from where it sources 70% of its diamonds and 90% of its sales.



The wealth from diamond mining has helped transform the country from primarily a agri-based economy to one of Africa’s richest countries.



A delay would set back President Mokgweetsi Masisi’s efforts to boost a fledgling diamond polishing and cutting industry and create jobs in a country of 2.2 million with high unemployment.



Masire said the government had resumed talks for a new deal, but travel restrictions have kept the progress slow.



In 2011, De Beers agreed a deal to transfer its global sightholder sales, which accounts for 90% of its total diamond sales, from London to Gaborone, creating thousands of jobs and investment in the southern African country.



Botswana’s government would want a higher allocation of diamonds produced by Debswana for sale from the current 15% agreed in 2011, or get a larger share of rough stones, said Avi Krawitz, an analyst from Israel-based diamond information provider Rapaport.



“This will be a sticking point for De Beers,” he said.



Masire declined to divulge specific terms being negotiated in the talks.



De Beers, a subsidiary of Anglo American Plc, is an important business division for its parent contributing a fifth of its revenue. De Beers has not responded to an emailed request for comment sent on Monday.

Botswana government says no guarantee on De Beers sales deal by end-2020

JOHANNESBURG (Reuters) &#8211; South Africa’s diamond industry, famed for sales the world over and supplying gems for the British crown jewels, is looking closer to home to revive its fortunes following the coronavirus slump.



Even before the new virus triggered the COVID-19 pandemic, diamond prices and demand were weak. Global economic weakness has exaggerated that and Anglo American’s De Beers unit last week reported a plunge in earnings. 



Some of the many small players who polish the rough diamonds that De Beers and other miners unearth say they have been pleasantly surprised by the extent of lockdown jewellery-buying as enforced proximity kindled romance and feel-good spending.



South African cutting and polishing firm Nungu Diamonds said its custom-made jewellery sales have grown 60% since South Africa imposed a strict lockdown in March.



Customers used their weeks at home for online consulations and were lining up for their purchases when stores reopened in June, the company’s founder Kealeboga Pule said.



“We remain resilient. We fight on,” Pule said at his shop in a Johannesburg suburb. June was the best month in a year, he said, with sales including engagement and wedding rings.



Bucking the trend of rising unemployment, Nungu has hired an in-house jewellery designer &#8211; joining a team of 5 polishers and 9 jewellers.



Nungu says jewellery prices have held steady. Profit margins, however, could improve as lower global demand has depressed the prices of uncut, unpolished rough stones bought from the mines.



Thoko’s Diamonds, another South African company whose business was based on selling rough and polished stones, said it was turning to jewellery.



Zipho Dlamini, co-owner of Thoko’s Diamonds, said in a typical year the family business would supply more than 500 carats.



So far this year, the company had sold less than 20 carats and profits have fallen 65% as the exports that account for more than half of its business dried up.



Thoko’s hopes its new line in earrings will appeal to the local market.



“Because of COVID-19 we have managed to move into the jewellery space,” Dlamini said.

South Africa’s diamond polishers look to lockdown lovers to add shine

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Botswana&#8217;s partnership with De Beers has been hailed as a successful public private partnership model. Now as the two negotiate its extension, CNBC Africa’s Godfrey Mutizwa sat down for a chat with Neo Moroka, CEO of De Beers Botswana for more.

De Beers’ Moroko on building a successful public-private partnership with Botswana

De Beers’ Moroka on building a successful public-private partnership with Botswana

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Africa is still to find cohesion around a diamond mining strategy even as its political leaders drive continental integration. CNBC Africa’s Godfrey Mutizwa spoke to Mzee Fula Ngenge, President of the African Diamond Council at the 2019 Diamond Conference in Gaborone.

Africa in a bid to find cohesion in the diamond industry

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Botswana would benefit from branding some of its diamonds. That&#8217;s according to Naseem Lahti, Managing Director of Lucara, founder of Botswana&#8217;s two largest diamonds. She spoke to CNBC Africa’s Godfrey Mutizwa about this and diversity in the industry.

Lucara’s Naseem Lahti on how she continues to break barriers in male dominated diamond industry

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Botswana wants more Batswana involvement in in its key diamond industry as it renegotiates its partnership with De Beers as part of a strategy to full beneficiation of the industry. That&#8217;s the view Mmetla Masire, permanent secretary in the country&#8217;s mineral resources ministry. He spoke to CNBC Africa at the 2019 diamond industry.

Mmetla Masire on how increase Batswana’s involvement in the diamond industry

Mmetla Masire on how to increase Batswana’s involvement in the diamond industry

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Botswana wants more Batswana involvement in its key diamond industry as it renegotiates its partnership with De Beers as part of a strategy to full beneficiation of the industry. Bruce Cleaver CEO, De Beers Group spoke to CNBC Africa for more.

De Beers CEO Cleaver on achieving full beneficiation in Botswana’s diamond industry

The Diamond Conference speaks to the core aspirations of the partnership between Government and De Beers Group in support of the aspirations of our producer governments to continue to play a leadership role in the diamond value chain and create economic impact for the communities.



Africa is the world&#8217;s largest producer of diamonds, producing as much as 50% of global production. To date, Africa has produced over 75%, in value, of the world&#8217;s diamonds with more than 1.9 billion carats worth an estimated $US 158 billion mined.



The Diamond Conference is the only Diamond specific forum on the African continent and over the past 4 years has evolved in size, influence and significance as a key platform for engagement for the global Diamond Industry.



<h2 class="wp-block-heading">The theme of the 2019 conference is: Consumer | Community | Cluster Development | Collaboration</h2>



In accordance with the principles of the De Beers value proposition the 2019 Diamond conference will further facilitate our engagement strategy with a primary focus on the 4Cs:



Consumer Confidence&nbsp;– the changing consumer landscape, trends and its impact on the diamond value chain.



Community&nbsp;&#8211; The importance of establishing a multi-stakeholder approach to enhancing the sustainability of diamond equity focusing on Economic, Social and Environmental imperatives.



Cluster Development&nbsp;– in terms of the diamond supply chain, innovation, disruption and various factors that impact the industry directly or indirectly. There is need to explore the opportunity to create a self-regulating, evidence-based innovation pipeline that will support commercial longevity in the current global context.



Collaboration&nbsp;– the value of collaborative relationships to address shared risks that impact the diamond sector.



For more info visit <a href="http://www.thebotswanadiamondconference.com/index.html">http://www.thebotswanadiamondconference.com/index.html</a> 



Content provided by De Beers Group

Why the Diamond Conference remains a key platform for engagement for the global diamond industry

LONDON (Reuters) &#8211; Anglo American’s diamond subsidiary De Beers is scaling back production after trade tensions between the United States and China contributed to a 27% first-half fall in diamond earnings, its CEO said.



De Beers CEO Bruce Cleaver cited a range of factors in an interview, including trade tensions, the U.S. government shut-down that ended in January and Hong Kong anti-government protests, which he said had left the diamond market in a state “not dissimilar from 2014-15”.



The diamond market was weak in 2014-15 in the run-up to a deep commodity price fall linked to declining Chinese demand for raw materials.



“A nasty cocktail is affecting the mid-stream, with too much polished (diamonds), financial pressure from the banks and a slow down in demand for jewellery,” he said.



But demand was still expected to grow in the U.S. market, the world’s biggest, meaning stock levels should become more balanced in the second half of the year, Cleaver said.



De Beers is working with its customers and limiting supply, the company said. In the first half it reduced rough diamond production 11% year-on-year.



While the diamond division fell, Anglo American on Thursday reported a 19% increase in overall first-half underlying earnings before interest, tax, depreciation and amortisation (EBITDA), largely because of high iron ore prices.



The group cites future diamond demand as one of the principle risks it faces.



De Beers has been fighting competition from laboratory-grown diamonds by producing its own synthetic diamonds from its Element Six subsidiary at a lower cost than peers.



The impact had been to reduce overall wholesale prices for laboratory-grown diamonds by around 60%.



Cleaver said De Beers was still working to eliminate what he said was customer confusion concerning the difference between mined diamonds and those produced in laboratories.



De Beers is banking on a long-term future for natural diamonds and is investing $468 million in a new vessel to mine diamonds off the coast of Namibia.



Cleaver said the project was on track to add an estimated 500,000 carats per year from 2022.



Reporting by Barbara Lewis; Editing by Elaine Hardcastle

Why De Beers is scaling back on diamond production

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Rwanda hosted its first ever largest bridal trade show dubbed ‘The East African Wedding Show’ that attracted wedding specialists and planners from around the region. For more CNBC Africa filed this report.

Rwanda host biggest first-ever East Africa wedding trade show

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It&#8217;s no secret that weddings are a big business worldwide. From diamonds, to dresses, to all the elements of event planning, this rite of passage can rack up pretty big bills. Joining CNBC Africa is Brenda Nyakira, Founder, East African Wedding Show the first large scale wedding trade show in Rwanda, to discuss how entrepreneurs are taking advantage of this booming market.

Opportunities for African entrepreneurs in Africa’s booming wedding industry

By Clare Church, Research Officer with International Institute for Sustainable Development.
The gold in our watches, the diamonds in our rings, the tin in our smartphones – all have been classified as conflict minerals, due to their role in funding armed groups and incentivizing human rights abuses in fragile states.
But what about the metals and minerals found in our solar panels, wind turbines, or electric vehicles?
Many of the minerals central to green energy technologies – including cobalt, rare earths and lithium – are found in high concentrations in states struggling with fragility, weak governance, and corruption. Increased demand for these minerals in order to meet the needs of the low carbon economy has already placed intense pressure on some mining sites, aggravating local grievances and fueling violence.
As demand for green energy technologies continues to surge, it is essential that the minerals used to develop and deploy these technologies are sourced in a way that supports peace and sustainable development. Failing to do so runs the risk of dirtying the supply chains of the clean energy systems vital to the low-carbon transition.
Cobalt, for example, is critical to the development of electric vehicles and energy storage technologies, and is found in three out of the four major lithium-ion batteries on the market. More than 56 per cent of cobalt reserves, however, are found in the Democratic Republic of Congo (DRC) – a country plagued with chronic violence and instability.
DRC is one of the world’s most resource-rich nations. But, as has been well documented, this wealth that has yet to translate into longer-term, sustainable development gains for its population. The country hosts some of the world’s largest reserves of tin, tungsten, tantalum, and gold (3TG), which are among the most notorious conflict minerals. When mined in a context of fragility and corruption, the exploitation of these minerals has funded the continued activities of armed groups at a cost of appalling human suffering, including sexual violence, child labour, and death.
The mining of cobalt in the DRC has already been tied to some of the same exploitative and violent practices seen in the mining of 3TG. In 2016, Amnesty International found that some cobalt miners in the country were exposed to harmful chemicals, lacked protective equipment, were subject to violence, and were victims of extortion by state officials. The report also found that some cobalt operations in the south of the country employed children for less than $2 per day.
Unlike 3TG however, cobalt is not explicitly included in effective legislation concerning conflict minerals, most notably the US’ Dodd-Frank Act Section 1502 and the upcoming EU Conflict Mineral Regulation.
Lithium – a mineral found in electric vehicles and energy storage technologies – is also notably absent from global conflict mineral conversations. About 60 per cent of the world’s lithium reserves are found in the ‘Lithium Triangle’: the border region between Argentina, Chile, and Bolivia. Lithium mining in this region, however, requires massive amounts of water – a major source of grievance for surrounding communities in an already water-stressed region. Nearby, Brazil is currently the world’s seventh largest producer of Lithium and has more reserves than production, making expectations long-term there for the industry.
Just south of San Pedro de Atacama in Chile, a number of public demonstrations have broken out in opposition to proposed extensions of existing mining operations. Similar grievances tied to water usage have also been expressed near Salar de Uyuni in Bolivia and in the province of Jujuy, Argentina.
Lithium demand is only expected to accelerate. Some estimates suggest that demand will surpass global supply by 2023 – driving prices to an unprecedent level. A failure to engage local communities in the responsible extraction of lithium could exacerbate already heated tensions and threaten the global supply chains of critical green energy technologies.
Beyond cobalt and lithium, there are a number of other minerals that are crucial to the development of solar panels, wind turbines, electric vehicles, and energy storage technologies. These include base metals like copper, nickel, and iron; precious metals like silver and tellurium; and rare earths. All are found in high concentrations in states struggling with fragility and corruption.
Approximately 28 per cent of bauxite and alumina reserves– required for all listed green energy technologies – are found, for example, in very fragile states, as defined by the Fund for Peace’s Fragile States Index. Similarly, almost 100 per cent of chromium and graphite reserves – critical for wind technologies and energy storage – are found in states with mid to high levels of corruption, according to Transparency International’s Corruption Perceptions Index.
Mineral recycling and substitution have the potential to relieve some of this pressure on extraction operations in resource-rich fragile states. However, most of the minerals in question continue to have poor end of life collection and recycling rates. It is unclear if these processes will sufficiently develop in time to help meet the predicted, growing demand for these minerals.
Progress has been made in curbing the illegal flow of conflict minerals like diamonds, gold, and tin. It is now imperative that civil society groups, the private sector, and governments work together to build off of these successes and apply their lessons togreen energy supply chains. This will include stronger efforts to empower local communities, ensure conflict-free supply chains, and promote transparent and accountable mining practices. Only then will the transition to a low-carbon economy be truly green, clean, and conflict-free.

OpEd: How metals and minerals play a role in funding armed groups in Africa

LUANDA, March 2 (Reuters) &#8211; Angola has offered investors diamond exploration licenses that previously belonged to Isabel dos Santos, daughter of the former president, according to a video clip of a closed-door meeting with mining companies seen by Reuters.
During the meeting at a mining conference in Cape Town last month, president of state diamond company Endiama, José Manuel Ganga Júnior, said the licenses had expired and were now available for new exploration partners.
Isabel dos Santos is Africa’s richest woman with assets across multiple sectors in Angola and Portugal from jewellery to supermarkets. Her family has been a powerful force in Angola for four decades but her star has faded since her father, President José Eduardo dos Santos, stepped down last year.
His successor President João Lourenço promised to tackle family monopolies and make Angola more attractive to investors. He dismissed her as chair of state oil company Sonangol, Angola’s most important firm, in November.
The licenses for primary deposits mentioned in slides accompanying the presentation, a copy of which Reuters has also seen, were for Camafuca-Camazambo, Mulepe, Sangamina, Chiri, and Tchiegi. All are located in the north-eastern diamond producing provinces of Lunda Norte and Lunda Sul.
A source in the Angolan diamond industry told Reuters the Camafuca-Camazambo and Chiri licenses had previously been in the hands of Isabel dos Santos.
Representatives for Isabel dos Santos did not immediately respond to a request for comment.
“It is true that these kimberlites (a geological formation of igneous rock in which diamonds are sometimes found) we presented to promote and offer for exploration were already granted as licenses in the past, many years ago,” Ganga Junior said in the video.
A spokesman at Endiama confirmed the video was authentic and that the licenses were offered to investors. The Ministry of Natural Resources directed questions to the state company.
“These licenses have expired &#8230; At this time, we don’t have any commitment with any former owners of these projects,” Ganga Junior said.
Angola is one of the world’s top 5 diamond producers, but much of the territory remains under-explored due to 27 years of civil war and a closed, difficult business environment since fighting ended in 2002.
Lourenço took power in September and says he wants to shed Angola’s image as an opaque oil economy with rampant corruption. He wants to attract international investors and has made changes to wrest power from dos Santos, pushing out some of his key allies.
Russia’s Alrosa is the only major diamond company currently producing in Angola via its stake in the Catoca mine &#8211; one of the world’s largest.
“We are ready to start from zero to negotiate in the best conditions, the best possibilities for the good of Endiama, our country and potential shareholders,” Ganga Junior said.
“Apart from Endiama which has to be a partner by law, the rest is open.” (Editing by Ed Stoddard and Anna Willard)

diamonds

Botswana: The Diamond of Africa

Botswana sees Russian diamond ban opening door to synthetic gems

SA jewellery maker Nungu Diamonds looks to tell a different story about the industry

Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

Botswana government says no guarantee on De Beers sales deal by end-2020

South Africa’s diamond polishers look to lockdown lovers to add shine

De Beers’ Moroka on building a successful public-private partnership with Botswana

Africa in a bid to find cohesion in the diamond industry

Lucara’s Naseem Lahti on how she continues to break barriers in male dominated diamond industry

Mmetla Masire on how to increase Batswana’s involvement in the diamond industry

De Beers CEO Cleaver on achieving full beneficiation in Botswana’s diamond industry

Why the Diamond Conference remains a key platform for engagement for the global diamond industry

Why De Beers is scaling back on diamond production

Rwanda host biggest first-ever East Africa wedding trade show

Opportunities for African entrepreneurs in Africa’s booming wedding industry

OpEd: How metals and minerals play a role in funding armed groups in Africa

Isabel dos Santos’ former diamond rights offered to Angola

News Tips

Advertise With Us

diamonds

Botswana: The Diamond of Africa

Botswana sees Russian diamond ban opening door to synthetic gems

SA jewellery maker Nungu Diamonds looks to tell a different story about the industry

Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

Botswana government says no guarantee on De Beers sales deal by end-2020

South Africa’s diamond polishers look to lockdown lovers to add shine

De Beers’ Moroka on building a successful public-private partnership with Botswana

Africa in a bid to find cohesion in the diamond industry

Lucara’s Naseem Lahti on how she continues to break barriers in male dominated diamond industry

Mmetla Masire on how to increase Batswana’s involvement in the diamond industry

De Beers CEO Cleaver on achieving full beneficiation in Botswana’s diamond industry

Why the Diamond Conference remains a key platform for engagement for the global diamond industry

Why De Beers is scaling back on diamond production

Rwanda host biggest first-ever East Africa wedding trade show

Opportunities for African entrepreneurs in Africa’s booming wedding industry

OpEd: How metals and minerals play a role in funding armed groups in Africa

Isabel dos Santos’ former diamond rights offered to Angola

News Tips

Advertise With Us

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