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This African nation built its development on diamonds. Now it’s crashing down
Natural diamond exports, which make up 80% of Botswana’s foreign earnings, have plunged amid rising demand for synthetic stones sold at up to 80% less, causing layoffs and economic strain.
- Last year, Debswana, the government–De Beers joint venture, saw revenues halve as diamond exports, roughly 80% of Botswana's foreign earnings, tumbled sharply.
- Synthetic gems have surged since 2015 from one percent to nearly 20%, with mass production in China and India expanding supply and lab-grown stones selling up to 80% less.
- In September, officials reported a 43% Q2 output drop by Botswana's national statistics agency, some mines paused as Botswana and Angola hold talks over De Beers stakes, while southern African producers face job cuts.
- Households now face strain, earning about $500 or less, as Joseph Tsimako warns the diamond sector supports about 10,000 workers while longtime cutter Koko says skills limit job prospects.
- Industry groups launched marketing efforts last year to restore desirability, with the Natural Diamond Council leading campaigns backed by De Beers and Rio Tinto, while officials warned a 15% U.S. tariff could worsen Botswana's downturn.
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This African nation built its development on diamonds. Now it's crashing down (2025-11-28)
—In a village outside Botswana’ s capital, Keorapetse Koko sat on an aging couch in her sparsely furnished home, stunned that a career— and an entire nation’ s economy— built on diamonds had fallen so far, so fast. For 17 years, she had earned a living cutting and polishing the gems that helped transform Botswana from one of the world’ s poorest nations into one of Africa’ s...
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Total News Sources24
Leaning Left9Leaning Right3Center11Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 39%
C 48%
13%
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