De Beers chief executive Al Cook is optimistic about the future of natural diamonds on account of the industry's solid underpinnings.
Such underpinnings, he told a Natural Diamond Summit in Gaborone, Botswana, comprised favourable long-term supply and demand dynamics supported by the expansion of the middle classes in China and India.
Furthermore, it encompasses Botswana's dedication to establishing a knowledge-driven economy that fosters productivity and innovation in the diamond sector, which will have far-reaching effects on the entire industry, as well as the ground-breaking collaboration between Botswana and De Beers, which not only ensures the industry's sustained stability but also serves as a catalyst for socioeconomic change within Botswana.
He said the 25-year renewal of Debswana mining licenses until 2054 and the new 10-year Sales Agreement for rough diamond production in the country through 2033 mark a new collaboration for a new era.
Cook said Botswana will receive an equal share of the diamonds sold by Debswana on the market.
De Beers will also be able to make long-term capital investments in Debswana's development, such as the Jwaneng Underground transition.
Meanwhile, Botswana President Mokgweetsi Eric Keabetswe Masisi said in a world of shifting consumer attitudes, present hard trading conditions, and the ever-evolving complexities of diamond recovery, sustainability was the diamond industry's most important point of convergence.
De Beers, in collaboration with the Ministry of Minerals and Energy of Botswana, is hosting the Natural Diamond Summit till Wednesday, November 15.
It features trips enabling participants to experience Botswana's diamond sector first-hand, including visits to cutting and polishing facilities and Jwaneng, the most precious diamond mine in the world. Panel discussions with industry professionals are also incorporated into the itinerary.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
