Business
Botswana: A country rises from sleepy backwater to global diamond hub
A sleepy African city is rapidly being turned into a major global trading center.
After decades of just mining rough diamonds, Botswana’s capital Gaborone now cuts, polishes and sells the precious stones itself.
Most people may be unable to find Gaborone on a map, but it is becoming a regular destination for global diamond traders and that is changing the economy.
This dusty, low-rise city is being transformed, as high-rise apartments and hotels are constructed and businesses bet it will mean a boost for them.
Diamond-related companies are setting up factories in anticipation of the global mining giant De Beers relocating its sales business to Gaborone from London. Resulting in US$6 billion worth of diamond trades taking place, attracting buyers from around the world and positively impacting the local economy.
Okavango Diamond Company, a local company has already held an auction. A new diamond park has been built to host spin-off businesses.
One of them – a branch of an Indian firm called Shrenuj – has recently opened and is making jewellery partly using Botswana’s diamonds.
