De Beers Confident Diamonds Will Recover

Gaborone: De Beers Group of Companies says it is optimistic on the group’s outlook of the diamond industry market globally as there are signs of recovery.

Speaking recently at the Botswana-France Business Forum at the Diamond Trade Centre (DTC) Botswana, Vice President Corporate Affairs & Government Relations De Beers Global Sightholder Sales (DBGSS) Pat Dambe said that the company was focusing on customer’s needs.

“De Beers’ focus is on diversification, economic development, empowerment, and beneficiation which are key drivers to positively impact the people of Botswana,” said Dambe.

She stated that Botswana continued to be one of Africa’s best kept secret, adding that the country is the world’s leading diamond producing countries for the past several decades.

“Botswana demonstrates a shared and long-term commitment to its partners; we are a testament to that. This enables the relationship to develop, grow and solidify over time,” said Dambe.

She further noted that De Beers and Botswana have ensured that engagement levels remain high, thereby helping each party to understand where there are shared objectives; and also to understand where objectives diverge.

Dambe said this had enabled a mature discussion about how to develop strategies that are mutually acceptable in spite of any differences in long-term goals. She is of the view that the diamond industry’s focus on the long term is likely to be beneficial to any investor.

“Our relocation of our global sales function is a true example of what business success means in Botswana. Imagine the practicalities of moving such a vast amount of wealth from the UK to Botswana,” she said.

Dambe observed that Botswana boasts one of the fastest economic growth rates per capita in the world, with the highest sovereign credit rating, being named the ‘Second Freest Economy’ in Africa and provides investors with preferential access to the Southern African Development Community’s (SADC) 230 million people market place. She added that Botswana has no foreign exchange restrictions on business ownership.

“The De Beers Group of Companies is invested in a future for Batswana beyond diamonds and this collaborative opportunity with France is one we believe will pave a steadfast path in conservation and sustainable economic development for Botswana,” Dambe stated.

She further stated that the partnership between the De Beers Group of Companies and Botswana stretches back more than 50 years adding that as a result, The Group focuses its commitment through unique programmes to contribute to the upliftment of the country to make it an attractive business investment destination.