Botswana and Angola Fortify Actions Against Russian Diamonds

Botswana and Angola are taking significant steps to support Western sanctions against Russian diamond exports. Botswana will implement a certification system for its diamonds starting in 2025, while Angola has severed ties with Russian diamond interests by selling Alrosa’s stake in a joint venture. Both countries’ diamond industries are essential to their economies, comprising a substantial percentage of their exports.

In recent weeks, Botswana and Angola have made significant advancements in reinforcing Western sanctions on Russian diamond exports. Botswana, recognized as the second-largest diamond producer globally after Russia, has committed to certifying the origin of its diamonds. This initiative, beginning in early 2025, aims to develop traceability systems in collaboration with the Antwerp World Diamond Centre, preventing the mixing of Botswana’s diamonds with those from Russia at key trading hubs.

Furthermore, Angola has acted decisively to disentangle its diamond interests from Russia. The country has announced that an Omani investment fund will acquire the 41% stake previously held by Russia’s state-owned diamond company, Alrosa, in a joint venture with Angola’s diamond entity. This move has been underscored by Angola’s Mineral Resources Minister, Diamantino Azevedo, as essential for upholding the nation’s credibility in the international diamond market.

Diamonds are crucial to the economies of both Botswana and Angola, with Botswana’s exports constituting 63% of its total exports in 2023 and Angola’s diamond trade representing nearly 10% of its export revenue. These proactive steps taken by the two nations signify a collective effort to reinforce their diamond markets while simultaneously supporting global sanctions against Russia due to ongoing geopolitical tensions.

The significance of diamonds in the economies of Botswana and Angola cannot be overstated. Botswana has maintained its position as a leading diamond producer, previously trailing only Russia, while Angola, rich in diamond resources, has also been significantly involved in this sector. The recent push by these countries to restrict Russian diamond exports aligns with their geopolitical stance and economic interests, facilitating a clearer path for sanctioned trade practices amidst heightened tensions arising from Russia’s actions in global affairs.

In conclusion, Botswana and Angola’s initiatives to certify diamonds and divest from Russian interests reflect a robust commitment to supporting international sanctions against Russia. By enhancing traceability systems and ensuring the integrity of their diamond exports, these nations not only bolster their economic stability but also contribute to global efforts aimed at isolating Russia in the diamond market. Such measures may pave the way for a more transparent and sustainable diamond industry moving forward.

Original Source: euromaidanpress.com