14 Apr 2019

Representatives of famous American luxury jewelry and specialty retailer, Tiffany & Co, paid a courtesy call on President Dr Mokgweetsi Masisi on April 12 to discuss areas of potential investment in Botswana’s diamond industry.

Speaking at the meeting, Dr Masisi informed the team, led by chief executive officer Mr Alessandro Bogliolo, that the diamond industry had played an important role in growing the economy of Botswana. 

It contributed significantly to healthcare, education, energy, infrastructure and job creation, he said. 

Dr Masisi described Botswana diamonds as the cleanest and most precious, saying the country wanted to grow the brand.

He said a huge price was paid for the integrity of the country, therefore it was government’s responsibility to demonstrate commitment to legal conduct and get returns on it. 

President Masisi assured the team that they were in the best hands with the government of Botswana as it pledged to ensure transparency, stability, integrity and commitment to the rule of law. 

He said Botswana viewed Tiffany & Co as an important partner in further growing the diamond industry. 

For his part, Mr Bogliolo said the 182-year-old company was famous for being retailers of brand diamonds mined in Botswana, explaining further that the largest beautiful diamonds of Tiffany & Co were sourced from the country.

Mr Bogliolo said the company believed in natural diamonds and were not in the business of synthetic gemstones.

With natural diamonds, he explained, there was a high value with the rarity while the synthetic diamonds had a low value that would even decrease with time.

He said there would be a vast market between what was rare, precious and expensive and the widely available, but not luxury synthetic diamond. 

Mr Bogliolo said his company started buying Botswana diamonds 50 years ago and had been operating in the country for the past 12 years. 

It employs close to 200 people, 95 per cent of them citizens. Ends