Botswana and Angola Strengthen Efforts to Exclude Russian Diamonds from Markets
Botswana and Angola are taking proactive steps to distance their diamond industries from Russian exports. Botswana plans to implement a diamond certification system starting in 2025, while Angola is facilitating the sale of Russian interests in a significant venture. These measures aim to ensure that their diamond markets remain credible and free from Russian influence, reinforcing their economic importance.
In a concerted effort to support Western sanctions against Russian diamond exports, Botswana and Angola have taken significant actions in recent weeks. Botswana, recognized as the second-largest diamond producer globally, has pledged to implement a traceability system intended to keep Russian diamonds out of Western markets. To this end, Botswana aims to certify the origin of its diamonds beginning in early 2025, collaborating with the Antwerp World Diamond Centre (AWDC) to establish this system, which will assign unique numbers to shipments. This initiative will thwart the mingling of Botswana’s diamonds with those from Russia at major trade hubs.
Simultaneously, Angola is actively distancing itself from Russian diamond interests by facilitating the acquisition of a 41% stake previously held by Russia’s state-owned Alrosa in a joint venture with Angola’s national diamond firm. This transfer of ownership to an Omani investment fund is a strategic move underscored by Angola’s Mineral Resources Minister, Diamantino Azevedo, who asserts that it is essential for maintaining the nation’s credibility in the international diamond sphere. Both countries recognize the paramount importance of their diamond sectors, as Botswana’s diamond exports comprised 63% of its total exports in 2023, while Angola’s diamonds constituted nearly 10% of its exports, reinforcing their economic significance to both nations.
The significance of diamonds to the economies of Botswana and Angola cannot be overstated. Botswana is revered for its rich diamond reserves, ranking second globally in production, while Angola continues to expand its market presence. Both nations have found themselves in the geopolitical crosshairs due to the international response to Russia’s actions, necessitating their alignment with Western sanctions to safeguard their economic interests. The introduction of traceability systems is a proactive measure aimed at ensuring the purity of their diamond markets and upholding global trade integrity against Russian competition.
In summation, the collaborative efforts of Botswana and Angola to implement systems that trace the origins of their diamonds signify a strong stance against Russian diamond exports. As both countries enhance their diamond certification processes and restructure ownership of significant ventures, they bolster their positions in the international diamond market while contributing to global efforts to limit Russia’s reach. This pivotal movement highlights their commitment to preserving economic stability amid evolving geopolitical landscapes.
Original Source: euromaidanpress.com
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