Russia-Ukraine Conflict: Botswana Aims to Expand Diamond Production
In an interview with Bloomberg News, quoted by IDEX Online, the President of Botswana, Mokgweetsi Masisi, said that his country aims to expand its diamond production as Russia faces global sanctions. Botswana is currently the world’s second-largest producer by volume.
Masisi also said that he hopes Botswana will “play a more prominent role in the industry.” Botswana wants to host a new headquarters and secretariat for the Kimberley Process (KP). Masisi also said that Botswana aims for more of its diamonds to be cut and polished in the country rather than being exported.
Meanwhile, in other industry news related to the conflict, IDEX Online is reporting that Surat, India’s cutting and polishing capital, is “braced for a shortage of rough supplies and further price hikes…”
According to the report, “Alrosa insists it’s business as usual but manufacturers in the world’s cutting and polishing capital fear banking restrictions will prevent them from buying supplies.”