Botswana President Duma Boko has called for a significant policy change in the country’s diamond industry, urging that all diamonds mined in Botswana be cut and polished locally before export. This move is intended to maximize the economic benefits of the nation’s mineral wealth and stimulate job creation.

Policy Shift: President Boko stated that no mineral will leave this country without being processed, emphasizing that diamonds and copper concentrate must undergo local value addition before export.

Current Practice: Currently, most of Botswana’s rough diamonds are sent to India and other manufacturing centers for cutting and polishing. Efforts to establish local factories have faced challenges due to high operational costs.

Government Initiative: The president made these remarks in Setswana at a community meeting in Ramotswa, highlighting the government’s commitment to a robust beneficiation program aimed at transforming the national economy The announcement was reported by The Projects Magazine and shared on its Facebook page, reaching a wide audience.

Polishing all Botswana diamonds locally, as recently urged by Botswana’s president, could have significant implications for India’s diamond polishing industry, though the immediate impact may be limited and gradual. If Botswana mandates that all rough diamonds be cut and polished locally before export, India’s diamond manufacturers would receive less Botswana-origin rough, potentially reducing their raw material supply

Botswana is one of the world’s leading diamond producers. Historically, the country has exported rough diamonds for processing abroad, missing out on added value and employment opportunities at home. The government and De Beers have previously attempted to attract investment in local manufacturing, but progress has been slow.

President Duma Boko’s call for all Botswana diamonds to be cut and polished locally marks a bold step toward economic transformation. If implemented successfully, this policy could reshape the country’s diamond industry and set a precedent for other resource-rich nations.

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The African Development Bank (AfDB) has approved a $304 million loan to support Botswana’s efforts to stabilise its public finances and implement key economic and governance reforms amid falling diamond revenues.

It marks a critical intervention in the country’s ongoing struggle with fiscal instability, primarily driven by a sharp decline in diamond revenues. This analysis examines the context, intent, and expected impact of the loan, as well as the broader economic challenges facing Botswana.

The loan aims to help Botswana navigate a widening fiscal deficit—expected to hit 6.7% of GDP this year—after the economy shrank by 1.7% in 2024, largely due to subdued global demand for diamonds, which account for around 80% of the country’s exports.

The $304 million loan is structured as a one-year general budget support operation for the 2025/26 fiscal year, under the Governance and Economic Resilience Support Programme (GERSP). The program is designed to address two main objectives:

Strengthening fiscal sustainability and transparency: Measures include boosting domestic revenue collection, curbing illicit financial flows, and enhancing the efficiency and accountability of public spending.

Stimulating inclusive economic growth: The program supports micro, small, and medium enterprises (MSMEs), with a particular focus on businesses owned by women and youth, to foster job creation and reduce inequality.