In short, Gaborone wants to become Antwerp or Mumbai. It wants to process the diamonds where they are dug.
The raw deal is not just about money. It is about control. For 60 years, a nation blessed with the world’s hardest gem has been treated like a soft touch. As President Masisi told Parliament last month: "We are not asking for a favor. We are taking what is ours." In short, Gaborone wants to become Antwerp or Mumbai
On paper, that is true. Debswana mines the diamonds. But here lies the rub: De Beers controls the sight . For decades, virtually all of Botswana’s rough diamonds were sold exclusively through De Beers’ London-based sales arm. Botswana got 50% of the mining profits, but De Beers captured the margin on sorting, valuing, and global distribution. It is about control
De Beers’ counter is equally simple: We are the only ones with the global marketing machine (the "A Diamond Is Forever" legacy) and the banking relationships to keep prices stable. To gauge if Botswana is getting a raw deal, one must look at the historical trajectory. In 1967, when the Orapa pipe was found, Botswana had 12 kilometers of paved road. Sir Seretse Khama, the founding president, made a prescient deal with Harry Oppenheimer. He accepted a lower immediate royalty in exchange for the "reserved right" to buy into the asset later. We are taking what is ours