Gaborone — Botswana's journey over the past decades is testament to how diamonds can be agents of change, catalysts for progress and vehicles for economic and social upliftment.
Officially opening the FACETS 2023 diamonds conference on October 24, President Dr Mokgweetsi Masisi said diamonds had from the foundations of Botswana's economic diversification played a pivotal role in shaping the nation's destiny.
He said it was important to delve deeper into the concept of sustainability in diamond mining, adding that sustainable mining practices encompassed various dimensions, including environmental preservation, ethical labour and community development.
"In pursuit of this objective, we must invest in research and innovation. Cutting-edge exploration and mining technologies can minimise the impact on the environment. From drone-assisted surveying to advanced water management systems, these innovations are not just investments, they are our commitment to preserving the natural world for generations to come," President Masisi said.
He stated that ethical trading was another cornerstone of sustainability in the diamond industry, thus challenged the mining industry to ensure that every diamond that reached the market had been sourced and processed under conditions that respected the dignity of workers and protected their rights.
President Masisi stated that the Kimberley Process Certification Scheme, which seeks to prevent the trade of conflict diamonds, was a crucial step in this direction.
He said transparency and traceability were vital components in the assurances that diamond producing countries must provide to global customers.
"Blockchain technology, with its immutable ledger can provide consumers with the guarantee that their diamonds have been ethically sourced. It empowers consumers to make informed choices and encourages responsible practices throughout the supply chain," the President said.
Additionally, Dr Masisi stated that the commitment to social responsibility must extend beyond ethical trading to community development.
He stated that mining communities, often located in remote and economically disadvantaged areas, deserved to share in the benefits of the diamond trade.
"Through community engagement and investment in education, healthcare, and infrastructure, we can transform mining regions into thriving, sustainable communities," he said.
President Masisi emphasised the need to utilise emerging technologies, such as nanotechnology, in broadening the scope of the diamond industry and creating new economic opportunities, which he said was in line with the Mindset Change Initiative.
He nonetheless cautioned against the growing threat of synthetic or lab-grown diamonds.
"These man-made gems, have rapidly gained ground in the market, posing both challenges and opportunities for the industry," President Masisi said.
He said the key to maintaining a thriving market for natural diamonds was effective segmentation and marketing.
Segmentation, in this context President Masisi explained, referred to the practice of categorising diamonds based on their origin whether natural or lab-grown.
"It aims to preserve natural diamonds as a premium product that commands a significantly higher price per carat than lab-grown diamonds. This differentiation is primarily driven by marketing strategies and the ability to appeal to distinct customer groups," he said.
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He thus challenged the diamond industry to remain steadfast in the commitment to natural diamonds and ensure that the allure and enchantment of natural diamonds continued to shine brightly, transcending generations and captivating the hearts of people worldwide.
President Masisi said the diamond industry like any other must grapple with complexities that arise from a rapidly changing global landscape.
He said economic shifts, technological advancements and evolving consumer preferences created a dynamic environment that demands adaptability.
Therefore, he said it was the responsibility of diamond producing countries and key stakeholders to navigate these challenges with wisdom, foresight, and collaboration as well as ensuring that the industry's positive impact resonated far into the future.
BOPA
