Appointment
Diamonds For Development Fund Chairperson Announced As Dr. Akinwumi Adesina
Internationally Respected Leader and Renowned Development Economist To Lead The Fund Focused On Powering Botswana’s Economic Diversification
The Government of the Republic of Botswana and De Beers Group have announced the appointment of Dr. Akinwumi Adesina as Chairperson of the Diamonds for Development Fund.
Dr. Adesina is a globally respected leader and renowned development economist with nearly 40 years of experience in African and international development. He served as the 8th elected President of the African Development Bank Group (AfDB), first elected in 2015 and re-elected in 2020, completing his second term in September 2025.
During his tenure as President of the African Development Bank Group, Dr. Adesina’s notable achievements included:
- Increasing the Bank’s capital from $93 billion to $318 billion, the largest expansion in its history.
- Establishing the Africa Investment Forum, which has mobilised over $225 billion in investment interest for African projects since its launch in 2018.
- Launching the transformative High 5s Strategy in 2015, which has positively impacted the lives of 565 million people across Africa.
- Leading the development of Mission 300, a joint initiative of the African Development Bank Group and the World Bank Group, aimed at providing access to electricity for 300 million Africans by 2030.
Dr. Adesina has also received extensive global recognition, including being named Forbes Africa Person of the Year in 2013 and 2019, Africa’s Man of the Year 2022 by EMY Africa, and consistently ranking among the 100 Most Influential Africans by New Africa Magazine. He was also listed among the 100 Most Reputable People in the World by Reputation Poll International.
Honourable Bogolo Kenewendo, Minister of Minerals and Energy for the Government of the Republic of Botswana, said:
“We are proud and honoured to have Dr. Akinwumi Adesina join the Diamonds for Development Fund as Chairperson. His appointment strengthens Botswana’s commitment to maximising the value of its diamond resources as a catalyst for economic transformation, diversification, innovation, beneficiation, and citizen participation in the diamond value chain. We draw inspiration from Dr. Adesina’s achievements as an internationally accomplished reformer and look forward to his leadership in delivering the Fund’s ambitious mandate.”
Al Cook, CEO of De Beers Group, said:
“When we established the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew it would require an exceptional leader to realise our vision of economic diversification and job creation. Dr. Adesina’s outstanding track record in African development, strong governance credentials, and commitment to long-term impact make him the ideal person to lead the Fund. I look forward to seeing him guide this important initiative in the years ahead.”
Dr. Akinwumi Adesina said:
“I am greatly honoured to be appointed Chair of the Diamonds for Development Fund by the Government of Botswana and De Beers Group. This is a bold and visionary initiative designed to ensure that the people of Botswana directly benefit from the wealth generated by diamonds. It is not only diamonds that should shine—the lives of the people of Botswana must shine as well. The Fund has the potential to set a global benchmark for how natural resource wealth can create enduring value for future generations. I look forward to working closely with all stakeholders to build a more prosperous future for Botswana.”
Dr. Adesina will formally assume his new role on 15 June 2026. The Diamonds for Development Fund is currently finalising the appointment of independent directors to its board as the next key step towards becoming fully operational.
Appointment
India Gold Metaverse Appoints ex-CEO Of Diamond India As MD Of Its Bullion Market Vertical BullionX™
Nirakar Chand to lead BullionX™ as IGM strengthens its vision for a technology-driven, integrated bullion market.
India Gold Metaverse (IGM) today announced the appointment of former CEO of Diamond India Ltd., Mr. Nirakar Chand, as the Managing Director of its bullion market vertical, BullionX™, which is a technology-enabled ecosystem for modern bullion markets.
Earlier in his career, Mr. Chand had spent 22 years at State Bank of India (SBI) — 6 years in Bullion and 16 years in Corporate Finance, Investment Banking and general management. After that, and prior to joining IGM, he was CEO for 16 years at Diamond India Ltd., a prominent nominated agency authorised for import and distribution of bullion, which mainly supported over 1,200 small and mid-sized exporters across the country.
With this nearly four decades of experience, Mr. Chand brings a strong understanding of bullion markets and the broader precious metals ecosystem, providing valuable industry insight and strategic vision that will further strengthen IGM’s position in the market.
In his new role, Mr. Chand will drive growth initiatives, industry engagement, and nationwide market development efforts at BullionX™, which delivers real-time spot and futures pricing, one-click buy/sell execution, comprehensive order management and integrated market intelligence for institutional traders, bullion dealers and large jewellers. Working on the IGM theme of ‘One Nation, One Market, One Price’, this inclusive market model provides a one-shot dashboard of demand/supply using an all-open API for online and offline bid & ask and offers many more features, including Gold TV as well as an Academy (for certification courses).
IGM combines blockchain, artificial intelligence, and cutting-edge financial market technologies across four proprietary pillars:
· Elanzia™: A digital metaverse uber tech platform of B2B & B2C for jewellers and bullion participants.
· RamMudra™: Blockchain-enabled digital gold, coins and GBST (Gold Backed Stable Token).
· GoldSense™: An AI-powered 1st Karat Check of Gold, that is, a purity verification engine (an AI-powered Digital Karatometer).
· BullionX™: An institutional trading infrastructure designed to enable efficient price discovery, liquidity and settlement.
With Indian households holding an estimated 25,000 tonnes of gold valued at approximately $2.4 trillion, IGM addresses the structural challenges of a largely unorganised market by bridging trust deficits, fragmented pricing, and limited digital adoption.
This key leadership appointment comes at a pivotal juncture as IGM accelerates its mission to build India’s first integrated digital infrastructure to formalise and redefine the nation’s gold and precious metals economy through an inclusive business model to empower the industry and make each participant an ‘emperor’.
Nirakar Chand, Managing Director – Bullion Market, IGM, said:
“I am delighted to join IGM, which has laid out an exceptionally visionary and timely blueprint to revolutionise the gold industry through transparency, digital accessibility, and robust institutional infrastructure. I look forward to working closely with the IGM management and our industry partners to unlock the true potential of our bullion markets and build an inclusive, trusted ecosystem that benefits every stakeholder.”
Welcoming him to the leadership team, Lamon Rutten, Managing Director & Chief Executive Officer, IGM, said:
“With his vast experience in the bullion market, Mr. Chand will be an invaluable addition to the IGM executive team. His profound domain expertise, deep-rooted relationships across the bullion industry, and operational mastery will provide tremendous impetus to IGM’s objectives. We look forward to his strategic leadership as we build a transformative, world-class market infrastructure.”
Backed by a visionary entrepreneur, who is the mentor & coach, along with prominent family offices and marquee investors, IGM is dedicated to formalising traditional markets and unlocking immense value for consumers, jewellers, institutional investors, and banks across India in the gold value system on the central theme of ‘Gold is Technology’. Recently, IGM concluded a very select Angel placement round, valuing the company at Rs 2,500 crore.
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