Botswana and Angola Collaborate to Exclude Russian Diamonds from Markets
Botswana and Angola are intensifying efforts to impact the global diamond market by implementing systems to certify diamond origins and cutting ties with Russian interests. Botswana will begin certification in 2025 in collaboration with the AWDC, while Angola is selling its stake in a joint venture with Russia’s Alrosa. Both nations aim to exclude Russian diamonds from Western markets as they rely heavily on diamond exports for economic stability.
Botswana and Angola are taking decisive measures to counter Russia’s influence in the global diamond market, particularly in response to Western sanctions against Russian diamond exports. Botswana, the world’s second-largest diamond producer, recently committed to certifying the origin of its diamonds starting in early 2025, in collaboration with the Antwerp World Diamond Centre (AWDC). This initiative aims to establish traceability systems that preclude the mingling of Russian diamonds with those from Botswana at major trade hubs such as Dubai and Surat, India.
In parallel, Angola has taken steps to sever investments associated with Russian diamond interests, notably by facilitating the sale of a 41% stake in a joint venture with Russia’s state-owned Alrosa to an Omani investment fund. This decision, as highlighted by Angola’s Mineral Resources Minister, Diamantino Azevedo, is aimed at bolstering Angola’s reputation within the international diamond arena.
Both countries rely heavily on their diamond sectors, with Botswana’s diamond exports accounting for 63% of its total exports in 2023, while Angola’s diamonds constitute nearly 10% of its export economy. These moves are not only significant for the diamond industry but also serve to reinforce the geopolitical stance of these nations amidst the ongoing sanctions against Russia.
The global diamond market has been significantly affected by geopolitical tensions stemming from Russia’s actions, particularly in Ukraine. In response, Western countries have imposed sanctions on Russian diamond exports, urging other diamond-producing nations to limit or eliminate ties with Russian companies. Botswana and Angola, long recognized for their substantial diamond production, have thus positioned themselves as key players in the movement to isolate Russia from global diamond trade, which is pivotal for the economies of these nations. The aim is to ensure that the traceability of diamonds is sufficiently robust to reassure global buyers of their commitment to ethical sourcing and compliance with sanctions.
Botswana and Angola’s collaborative efforts to reinforce the exclusion of Russian diamonds from international markets reflect a significant shift in the global diamond sector, supporting Western sanctions. Through measures such as certifying diamond origins and severing ties with Russian firms, both countries are affirming their roles as leading diamond producers while enhancing their credibility on the global stage. These actions are pivotal for maintaining economic stability in their respective countries amidst an increasingly fractious geopolitical environment.
Original Source: euromaidanpress.com
