After 55 years, economy’s turning point starts with diamonds again

In the years following the miracle diamonds created in the 1970s, visionary policy makers began to realise the dangers of the country becoming a single-commodity economy. This was particularly clear as global economic cycles led to fluctuations in diamond earnings and budget planning difficulties into the 1980s.

The long-held aspirations for economic diversification date back to these early years of the post-diamond discovery era. Analysts say the failures to better diversify the economy over the years have been directly reflected in the fact that the three recessions the country has suffered since Independence have been led by the collapse of diamond demand and/or prices.