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Boko leads global rally for natural diamonds in Vegas

Flying the flag: Boko during his fireside chat PIC: DUMA BOKO FACEBOOK Flying the flag: Boko during his fireside chat PIC: DUMA BOKO FACEBOOK
Flying the flag: Boko during his fireside chat PIC: DUMA BOKO FACEBOOK

Boko, Minerals and Energy minister Bogolo Kenewendo, and leaders of other key organisations such as Debswana, the Okavango Diamond Company, and the Minerals Development Company of Botswana, are in the west American city for the biggest trade show of the diamond calendar.

The event, attended by more than 30,000 delegates stretching from producers, cutting and polishing firms to retailers, is being held as the natural diamonds industry struggles to shrug off a protracted slump stretching back to the third quarter of 2023.

Whilst much of the slump was initially triggered by economic uncertainty in key markets such as the United States and China, as well as sanctions against Russia, these conditions allowed cheaper lab-growns to take up an increasing share of the market, recently estimated at 25%.

Boko, leading the world’s most diamond-dependent economy, has a busy line up of activities in Las Vegas, using the opportunities to underline the value of natural diamonds to countries and the stones’ enduring value as rare, precious symbols of love and achievement.

“We need to understand that natural diamonds are anchored in love,” he told a fireside chat during the show. “They represent a tangible expression and manifestation of something that cannot be grown in a laboratory. “And so, natural diamonds as the natural expression of love, achievement and heritage, stand on a different footing to lab-growns.”

Boko said lab-grown diamonds and their manufacturers could not make any claim about positively impacting economies and citizens or helping them reach human development aspirations.

He said for natural diamonds, it was key that partners work at demonstrating ethical and sustainable mining practices, in order to counter the narratives pushed by lab-grown producers.

“That’s why the issue of traceability and establishing provenance is important, as well as making sure that the life stories behind the natural diamonds are told and amplified across the breadth of the world stage. “This sets the natural diamonds apart remarkably from lab-growns. “Schools built, health facilities supported, and lives built – a country anchored. “This is the story of natural diamonds. “Can anyone find anything comparable in relation to lab-growns? “The answer is a resounding no and so natural diamonds make their own case and stand firm in asserting their authority, their superiority, and that they are the reason countries thrive and survive,” he said.

Prior to the fireside chat, in officially launching the House of Botswana booth at the JCK, Boko said in a time of market volatility, evolving consumer expectations, and increasing competition from synthetic alternatives, Botswana’s presence at the show was a declaration of confidence.

“It is a reaffirmation of our long-standing commitment to ethical leadership, responsible sourcing, and value creation across the diamond value chain,” he said.

The President also said Botswana has a vision that goes far beyond mining.

“We are repositioning Botswana as a hub of ethical luxury and innovation, and we are making sure our policy environment matches our ambition. “That is why we are dedicated to modernising our investment framework and removing unnecessary bureaucracy. “We are acting with urgency to make Botswana an easier, faster, and more transparent place to do business,” he said.

After the JCK, Boko is due at the annual World Federation of Diamond Bourses (WFDB) dinner in New York where he will give a keynote address. The WFDB is the official organisation of the international diamond trading sector, with more than 28,000 members.

US Secretary of Commerce Howard Lutnick will also address the meeting of the WFDB. Botswana and other centres of the natural diamond industry are currently engaging the US administration after that country imposed sweeping tariffs on nearly every country on Earth.