De Beers Botswana offers supplies in tight market

Thursday, March 13, 2008

New diamond cutters are setting up shop in Botswana, the world's biggest diamond producer, to gain supplies in a tight market even though margins may be lower there, a top official of De Beers said on Tuesday.

De Beers, which accounts for around 40 percent of global rough diamond supply, is due to launch a new local marketing arm in Botswana this month to help boost the country's jewellery sector and create jobs.

The move reflects an effort by African countries to move beyond exporting raw minerals and get a slice of lucrative downstream activities.

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