Botswana and Angola are working together to eradicate Russian diamonds from Western markets, implementing traceability systems for Botswana’s diamonds and severing Russian interests in Angola’s diamond sector. Both countries emphasize the importance of maintaining their credibility in the international diamond market, with Botswana starting to certify diamonds in 2025 and Angola divesting from Russian ownership.
Botswana and Angola are proactively moving to diminish Russian influence in the global diamond market, following recent Western sanctions on Russian diamond exports. Botswana, the world’s second-largest diamond producer, has pledged to establish a certification system for its diamonds commencing in early 2025, aimed at guaranteeing the traceability of their origin. This initiative, developed in collaboration with the Antwerp World Diamond Centre, will help prevent the mixing of Botswana’s diamonds with those from Russia in key trade hubs.
Meanwhile, Angola is also distancing itself from Russian diamond interests, having recently announced the sale of a significant stake previously held by Russia’s state-owned Alrosa in a joint venture with Angola’s local diamond enterprise. This decision was highlighted by Angola’s Mineral Resources Minister, Diamantino Azevedo, as essential for enhancing the country’s standing within the international diamond market. The diamond sectors are of paramount importance to both nations’ economies, with exports accounting for 63% of Botswana’s total exports and nearly 10% of Angola’s.
The global diamond trade has been significantly impacted by the ongoing conflict involving Russia, leading to intense scrutiny and sanctions on the country’s exports. As the second-largest diamond producer, Botswana plays a crucial role in the diamond industry, often competing with Canadian and Angolan diamonds. The establishment of strict traceability systems signifies a strategic initiative to reaffirm the integrity of the entire market and adhere to international regulatory frameworks. This move is further underscored by Angola’s crucial decision to divest from Russian interests, protecting its credibility and economic stability.
In conclusion, the cooperative efforts of Botswana and Angola underline a robust commitment to support Western sanctions against Russian diamond exports. By implementing stringent certification systems and distancing their respective industries from Russian ownership, both nations highlight the importance of transparency and integrity in the diamond market. These actions are anticipated to reshape the dynamics of diamond trade, ensuring that global markets remain resilient in the face of geopolitical tensions.
Original Source: euromaidanpress.com
