05 Dec 2022

The diamond sector has propelled Botswana’s economic rise from least developed status at independence to improved middle income stability, a journey that the Diamond Trading Company Botswana (DTCB) is pivotal to.

President Dr Mokgweetsi Masisi said this on the occasion of DTCB’s 50th anniversary celebration in Gaborone on Friday.

He said DTCB had played part in the diamond industry that altered the fortunes of Botswana since independence, adding the country was proud to have had the company as part of its storyline.

“Since inception, DTCB or its predecessor Botswana Diamond Valuing Company (BDVC) has cleaned, sorted all of Debswana’s diamonds which represents the vast majority of diamonds ever produced in this country. This represents 880 million carats over the years,” Dr Masisi said.

He said DTCB, which commenced operations as BDVC in 1972, first as a joint venture between the investment arm of government, Botswana Development Corporation and De Beers, later becoming a subsidiary of Debswana, itself a partnership between the Botswana state and De Beers, had made significantly strides.

“To this day, DTCB cleans, sorts and values all diamonds from Debswana and sells them to its two customers Okavango Diamond Company and De Beers Global Sightholder Sales. DTCB has developed and evolved to become the world’s largest and most sophisticated rough diamond sorting and valuation operation,” the President said.

He noted that diamonds contributed 80 per cent of Botswana’s foreign exchange earnings and that the mining sector, dominated by diamonds, contributed 22 per cent of gross domestic product, 38 per cent of government revenue, 80 per cent of export earnings and 23 per cent of customs revenue.

President Masisi lauded DTCB for investing in improved technology, skills development and gender parity as well as engaging in corporate social responsibility to touch the lives of ordinary Batswana.

Speaking on behalf of the Minister of Minerals and Energy, the Minister of Communications, Knowledge and Technology, Mr Thulagano Segokgo said DTCB was pivotal in the development of the diamond industry in the country.

He said as the world’s largest diamond sorting and valuing facility, DTCB had managed to earn a good global reputation over the past five decades.

Mr Segokgo said the institution had achieved a lot since its inception and encouraged the DTCB team to continue with its vision to modernise the organisation and lay the foundation for the future sustainability of the domestic diamond industry.

For his part, DTCB managing director, Mr Sedireng Serumula, said the President’s passion for digital transformation guided their new strategy, which  sought to unlock value chain development and pursue youth empowerment through digitalisation.

He said the deployment of digitisation would involve change management initiatives, which would incorporate staff training and partnering with institutions of higher learning.

Mr Serumula said the new company strategy had gained traction in its first year of implementation and would continue to build a sustainable business that developed quality staff. Ends