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Lab-grown diamonds robbing southern Africa of riches
- South Africa, Botswana, and other southern African countries are facing economic challenges due to lab-grown diamonds affecting their diamond-dependent economies, particularly in Botswana where diamonds account for about 30 percent of its GDP and 80 percent of its exports, according to the International Monetary Fund.
- In response, Botswana has launched a sovereign wealth fund for a more sustainable future and is exploring sectors like wildlife tourism and solar power, as reported by Monirul Bhuiyan from AFP.
- The World Diamond Council noted that the average price of a one-carat natural diamond fell from $6,819 in May 2022 to $4,997 by December 2024 due to competition from lab-grown diamonds.
- Countries like Angola and Namibia, also impacted, agreed to allocate one percent of their diamond revenues to market natural diamonds, amid warnings that unchecked changes could lead to economic and social issues, as stated by economist Brendon Verster.
73 Articles
73 Articles
Lab-grown diamonds robbing South Africa of riches
South Africa, Botswana and several southern African peers that built much of their prosperity on diamonds are scrambling for alternatives as cheaper, lab-grown stones threaten their economies. Diamond-dependent Botswana is leading the way and launched a sovereign wealth fund this week to lay the “foundation for a more resilient, sustainable and diversified future beyond diamonds”. Majority stake It is exploring other avenues too, like boosting l…
Lab-grown diamonds draining South Africa’s wealth
South Africa, Botswana, and several other southern African countries that built much of their prosperity on diamonds are scrambling to find alternatives as cheaper lab-grown stones threaten their economies. Diamond-dependent Botswana is leading the way and launched a sovereign wealth fund this week to lay the “foundation for a more resilient, sustainable and diversified future beyond diamonds”. Majority stake It is exploring other avenues too, l…
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