Certainly now, it controls its own destiny in what is a key industry for the country.
Government officials say foreign investors have begun knocking at the door since the changes began more than 18 months ago, with money pouring into its undeveloped but fast growing diamond manufacturing sector, as well as other sectors of the economy.
Citizens the capital, Gaborone, say real estate prices have been going up since the changes were announced.
It is visible too. Apart from the simple brickwork airport that oozes with the tranquillity entrenched in Botswana's culture in which time has a trouble-free meaning, Gaborone's face is changing rapidly, witness new shopping malls, restaurants, on-call taxi services, as well as a less attractive feature - crime.
Many of Gaborone's roads are being upgraded and extended, while gleaming office blocks are rising in the midst of morula and acacia trees and the city's modest residences.
Meanwhile, the government is seeking to consolidate its leading position in the global diamond industry with manufacturing as well as trading facilities.
It is also encouraging foreign investment in research and development to help advance diamond cutting and polishing.
The renewal, in 2004, of two 25-year mining leases for Jwaneng and Orapa mines with De Beers saw Botswana insist on a greater share of the profits.
The margin of profit in the 50/50 joint-venture with De Beers was increased from around 75 percent to 85 percent after tax on the mining side.
In addition, Government has insisted that the Diamond Trading Company (DTC) move from London to Gaborone in 2008.
Although DTC London, which has controlled the international diamond market for decades, still appears to be fighting to keep at least some supplies coming through London, De Beers is now an active supporter of Botswana's new vision.
The man with the most important and potentially difficult task in Botswana's diamond industry is Brian McDonald, who was recently appointed to transform DTC into a genuine Botswana-based joint-venture between Government and De Beers.
His main task will be reviewing the sales system and pricing policy, and establishing a skills transfer mechanism that will take into account the region's aspirations, while at the same time ensuring a profitable business model.
Sitting in the shade at a table at the entrance to one of Gaborone's popular hangouts, McDonald spends most of his time nodding and standing up to shake hands with government officials and expatriates coming in for a meal.
McDonald, who was the General Manager of the Botswana Diamond Valuing Company (BVDC) between 1990-1996, is aware of the challenges he faces in his new job straddling a De Beers that has to take a step back and a government with limited knowledge and skills in the diamond industry.
Under his previous position as executive director responsible for sorting and purchasing at DTC London, a job he held since 2005, McDonald spent a considerable amount of time travelling between Botswana and London, preparing the ground and ensuring Government backing for his appointment.
He seems to have succeeded.
"As a start-up operation, the Diamond Trading Company Botswana will face many challenges, least of which will be the managing director's ability to function in a new environment," says Dr Akolang Tombale, the Permanent Secretary in the Ministry of Minerals, Energy and Water Resources, which sounds rather like a swingeing endorsement of McDonald's appointment.
"In selecting Brian, we were careful to ensure that the candidate has the requisite skills and experience to perform under these challenging conditions."
One of McDonald's immediate challenges lies in ensuring that a sufficient volume of diamonds for manufacturing is supplied locally.
While also making sure that the new manufacturing operations - all De Beers' customers - are sustainable.
More a technocrat more than old style De Beers diplomat, McDonald says clients will be judged on the basis of a profile that will primarily take into account the sustainability of their operation.
"We prefer a step by step approach by those manufacturing in a new environment above those who applied for large volumes to meet new factory demands," he says.
Other criteria are proper skills transfer, employment opportunities, as well as support for local social and/or health projects.
For the 16 players that have set up manufacturing operations in Botswana, the criteria are a 180 degree turnaround from those imposed by De Beers since launching its Supplier of Choice policy in 2000, which focused on alliances with jewellery brands and heavy advertising aimed at boosting consumer demand for diamonds.
The new approach of recognising the primacy of supporting local cutting rides a 'coach-and-horses' through De Beers' original aims of its Supplier of Choice strategy that avowed complete objectivity wherever a factory was situated.
Under the new structure, McDonald will be reporting to a board with equal representation of De Beers and Government, even as Government appears to have a firm hand on influencing who sits on the board on behalf of De Beers.
With Government's firm backing and obvious goodwill, McDonald is seen to be turning over a clean page in a long history book coloured by deep suspicion and distrust between Government and De Beers.
His job is to keep the current relationship intact without derailing the ambitions of both parties and smoothing out some of the inevitable differences in aspirations of Government and De Beers. - (PolishedPrices)
