Botswana hosts 2nd Facets Conference to strengthen global diamond trade

Botswana, known as the world's leading diamond producer, is currently hosting the 2nd edition of the Facets Conference in Khaburone in collaboration with the Antwerp World Diamond Centre. The theme of this year's conference is 'Diamonds for Change', emphasizing the role of diamonds in the country's economy and its global impact. CNBC Africa's Tania Habimana had the opportunity to sit down with His Excellency President Mokgweetsi Masisi to discuss the future of Botswana's diamond industry and its significance in the country's diversification strategy. The President highlighted the importance of the conference in showcasing Botswana's diamond industry to the world and the opportunities it brings for the country's economy. He mentioned that hosting such events aligns with the government's efforts to promote events management and conferencing as part of their strategy for economic development. Botswana, a major player in the global diamond supply chain, aims to capitalize on its significance and strengthen its position in the industry by welcoming stakeholders and industry players to witness firsthand the country's diamond governance and management. President Masisi stressed the importance of provenance in the diamond trade, particularly for Botswana, and emphasized the need for transparency and understanding among those involved in the industry. Moreover, President Masisi discussed the role of other African diamond-producing countries in the sector, pointing out the potential for collaboration and mutual benefit within the African Continental Free Trade Area. He proposed closer cooperation among African nations to enhance their position in the global diamond market and to ensure fair deals for all stakeholders. When addressing Botswana's diversification strategy, President Masisi reiterated the significant role that diamonds play in the country's economy. He described Botswana as synonymous with diamonds, attributing much of the country's development and infrastructure to the diamond industry. The President acknowledged that diversification would take time but emphasized the long-term goal of expanding into other sectors while leveraging the revenue generated from diamonds. President Masisi expressed a negative view towards lab-grown diamonds, dismissing them as 'pretenders' and emphasizing the unique qualities of natural diamonds formed over millions of years. He argued that lab-grown diamonds pose a threat to the industry and undermine the principles of development and progress in countries like Botswana. Looking ahead, President Masisi outlined Botswana's vision for a knowledge-based economy driven by investments in research and innovation. He emphasized the country's ambition to enhance its role in the diamond value chain, increase market influence, and retain a higher percentage of diamond revenue. With a focus on leveraging intellectual and creative capital, Botswana aims to solidify its position as a key player in the global diamond trade.