17 Jun 2025

Global diamond industry is said to be navigating a period of transformation as demand pattern are shifting, driven by consumer value especially among the millennial market.

Making a presentation during The Future of Mining Summit, De Beers Group, Diamond Trading, executive vice president, Mr Paul Rowley said the growing popularity of the new choice in diamonds amongst the tech-savvy and socially conscious generation was of importance towards resuscitating the diamond industry.

“It is import to be at par with the millennial market demands which seems to prioritise prominence, sustainability and authenticity,” he said. 

Looking ahead, Mr Rowley said the diamond industry would evolve into three directions of, digital and traceable; beneficiation and local empowerment as well as sustainable and inclusive.

“Today’s consumers are keen to establish the diamonds origin hence  traceability is such a focus for the industry and from the start of this year all De Beers rough diamonds above the 1 carat mark have a single country of origin listed on the digital block chain.”

This, he said was to ensure that every diamond journey was verifiable, ethical and transparent thus building trust on consumers and partners alike. To that effect, he said De Beers was redefining the diamond industry with a three-pronged strategy that prioritised transparency, traceability and environmental responsibility.

“With block-chain-powered traceability, a development fund for Botswana and green energy initiatives, the company is ensuring that every diamond tells a story, one of impact, integrity and innovation,” he said.

Similarly, he said ‘tracer’ was a vital tool as it is the only platform that could give traceability at scale therefore commended Okavango Diamond Company for coming on board with registering their diamonds on the digital block chain platform.

“The more diamonds we can trace from mine to finger the more we can tell consumers about, not only where their diamonds are from, but more importantly, whom they have touched on their journey and the real value they have created for the communities and countries in which they are produced.”

Mr Rowley stated that geopolitical tensions and microeconomics uncertainty had introduced new complexities into global supply chains, thus compelling the diamond industry players to make tough short-term decisions.

Such decisions, he said were important and necessary for the diamond industry to put its self in the best place and pole position for the recovery of the diamond sector. He noted that the industry nonetheless had to play a pivotal towards the market recovery through working together to rebuild the desire and demand for natural diamond.

The partnership between Botswana and De Beers, he thus said was pivotal in leading the industry to success adding that the signing of the new diamond deal between the two was testament to commitment of both parties to the natural diamond market.

“By reaffirming the new partnership, we were sending a powerful message of continuing partnership and laying a strong foundation for recovery to be built upon,” he said.

With regard to beneficiation and local empowerment, Mr Rowley highlighted the diamonds for development fund, as a key factor for local empowerment in diamond industry. “This fund has been designed to accelerate diversification of Botswana’s economy and will focus on investing and supporting entrepreneurs in areas such as green energy, tourism and agriculture,” he said.

He therefore labelled Botswana as a global beacon adding that looking into the future; Botswana had what it takes to become a center for innovation, sustainability and ethical leadership in the diamond industry. ENDS