It’s not diamonds or: It’s diamonds and...

Those who want policymakers to give up on diamonds and move on frequently point to the fact that Angola last year overtook Botswana as the continent’s biggest producer of diamonds by value. The explosion of synthetics in the market also means the hopes for a return to the glory days of Botswana diamonds are dashed, they say.

Those within the country defending natural diamonds say Angola only came tops because Botswana, a veteran of boom/bust cycles, reduced production in order to support the clearing up of inventory in the pipeline and with it, the resuscitation of demand. Flooding the market by over-producing at a time of softer demand, dulls the rarity, value and mystery of natural diamonds and with it the prices that budgets and communities depend on.