Botswana President Mokgweetsi Masisi has expressed his dislike for lab-grown diamonds, which he described as “microwave diamonds”, according to diamond analyst Edahn Golan.
He said this at the FACETS Conference held in Gaborone, Botswana, last week, drawing laughter from the participants.
However, an observer said on X that “name calling seems to be the norm of the natural [diamond] industry; they just don’t understand yet; the more the name calling, the higher its relevancy”.
Botswana news agency BOPA quoted Masisi as saying that the prospect of lab-grown diamonds was still a concern.
"These man-made gems have rapidly gained ground in the market, posing both challenges and opportunities for the industry," Masisi said.
He said the crucial factor in preserving a flourishing market for natural diamonds lies in implementing efficient segmentation and marketing strategies.
Masisi said that segmentation categorises diamonds by origin, whether natural or lab-grown.
"It aims to preserve natural diamonds as a premium product that commands a significantly higher price per carat than lab-grown diamonds," he said.
“This differentiation is primarily driven by marketing strategies and the ability to appeal to distinct customer groups.”
Botswana is a leading natural diamond producer in volume terms after Russia.
The southern African country gets about 30% of its revenues and 70% of its foreign exchange earnings from diamonds.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
