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Giving Botswana an ownership stake in proprietary cutting and polishing technology, including for small stones, will enable a greater proportion of Debswana’s production of cut, polished, and then exported diamonds to realize higher value addition while exporting
The Botswana Government has resolved to acquire a shareholding in HB Antwerp of Belgium to fully optimize the value of the country’s diamonds and to enhance beneficiation and full participation of citizens in the diamond value chain.
Recently, the Minister of Minerals and Energy Lefoko Moagi said that the decision was taken after considerations were made such as enabling independent price discovery for Okavango Diamond Company, which it has never had. The decision was also taken to enable ODC to sell rough diamonds through the more commercially sustainable sales method of contracts after selling through auctions since its establishment.
Giving Botswana an ownership stake in proprietary cutting and polishing technology, including for small stones, will enable a greater proportion of Debswana’s production of cut, polished, and then exported diamonds to realize higher value addition while exporting.
The Leader of Opposition DithapeloKeoratse had wanted Moagi to update Parliament on how the decision was taken to buy a stake in HB Antwerp, who took that decision, how much stake will be acquired, and at what cost. Keorapetse also wanted to know if due diligence was taken, and where that report can be found.
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The minister further noted that the company was established in 2021 and the Government did legal due diligence, financial and tax due diligence performed by an independent company with a world-class reputation. The minister further said that HB Antwerp is a private company that is not listed on any Stock Exchange, and owns 100 percent of Genesis HB Botswana, which is registered in Botswana.
