GABORONE, Oct. 26– President Mokgweetsi Masisi of Botswana has said Africa holds the potential to reshape the narrative of the world’s natural diamond industry. “Global diamond production for 2022 stood at just over 16 billion U.S. dollars, with 65.8 percent of that production sourced from Africa,” said Masisi Tuesday when delivering a statement during the two-day Facets 2023 Conference in Gaborone, the capital of Botswana, under the theme of “Diamond for Change.” He stressed that the substantial contribution of Africa toward global diamond production makes it a force to reckon with for the positive transformation and sustainable growth of the industry. Facets Conference is the brainchild of the Botswana government and the Antwerp World Diamond Center that brings heads of state, ministers of mining and other government representatives from across the globe together with captains of industry and industry experts from the entire value chain, to discuss the future of the diamond industry and the challenges ahead. The first edition of the conference was held in 2022. In his statement, Masisi also lamented that man-made gems have rapidly gained ground in the market, posing challenges for the industry. He said natural diamonds have a rich history, symbolizing love, commitment and enduring beauty. “The key to maintaining a thriving market for natural diamonds lies in effective segmentation and marketing,” he stated, urging natural diamond producers to embrace innovation as a tool to strengthen their position rather than a threat to existence. For the last decade, Botswana has been the leading diamond producer based on value and the second-biggest producer of diamonds based on carat weight, after Russia.
Xinhua
