Desk Reports :
In a small, unassuming village just outside Gaborone, Botswana’s capital, Keorapetse Koko sat on an old, slightly worn couch in her modest home. She was simply stunned. For seventeen years, her career—and honestly, the economic backbone of her entire nation—was built on diamonds. Now, she watches that foundation crumble, and it’s happening fast.
You see, Botswana’s story is incredible. Diamonds were discovered back in 1967, only a year after independence. This landlocked country, once one of the world’s poorest, experienced an abrupt, life-changing stroke of luck, quickly becoming one of Africa’s biggest success stories. Botswana went on to be the world’s top diamond producer by value, second only to Russia in volume. The stones are genuinely woven into the national identity; local hero, Olympic runner Letsile Tebogo, even fronts a De Beers campaign celebrating how the industry funds crucial things like schools and stadiums. The truth is, the gems Koko and thousands of others cut and polished have paid for Botswana’s health, education, and infrastructure for decades. They managed to avoid the infamous “resource curse” that plagues so many African nations—until now.
Koko lost her job a year ago. She’s now just one of many left struggling as Africa’s natural diamond trade buckles. The culprit? Cheaper, mass-produced lab-grown diamonds, mostly flooding the market from places like China and India. “I have debts and I don’t know how I am going to pay them,” the mother of two admitted, her voice strained. She was a semi-skilled worker making about $300 a month, which was decent for the area, especially with her employer providing medical insurance. The average monthly salary here is only about $500. “Every month they call me asking for money. But where do I get it?”
The Synthetic Shift
The slogan has always been, ‘Diamonds built our country.’ Botswana has always prided itself on prudently managing its wealth, avoiding the fighting and corruption that ravaged many neighbours. Their marketing pitch was simple and powerful: their stones were conflict-free and funded development. Joseph Tsimako, the president of the Botswana Mine Workers Union, which represents about 10,000 workers, is worried. “Now, as the world changes, we must find a way to make sure they don’t destroy the lives of the people who helped build it,” he pleaded. The situation is critical: Diamond exports, which account for roughly 80% of Botswana’s foreign earnings and a third of government revenue, are tumbling. Debswana, the local powerhouse, saw revenues literally halve last year and has paused operations at some mines. Surprisingly, new U.S. tariffs under the Trump administration could make things even worse, threatening staffing freezes and more layoffs. Botswana’s national statistics agency reported a terrifying 43% drop in diamond output in the second quarter—the steepest fall in the country’s modern history. The World Bank predicts the economy will shrink for the second year running.
So, what happened? The rise of synthetic diamonds has been incredibly swift. Siddarth Gothi, chairman of the Botswana Diamond Manufacturers Association, notes they have “given stiff competition, especially in lower-quality stones.” While they emerged in the 1950s for industrial use, by the 70s they were jewellery quality. Now, these lab-grown gems sell for up to 80% less than natural ones. They made up a mere 1% of global sales in 2015; today, they’ve surged to nearly 20%! Glitzy social media and influencers—yes, even Gen Z—have fueled their appeal. They’re made in weeks under intense pressure and heat, and marketed as cheaper, eco-friendly, and conflict-free alternatives. Though honestly, critics argue the environmental claims are shaky, as production is energy-intensive, often using fossil fuels.
A Critical Juncture
In July, World Federation of Diamond Bourses president Yoram Dvash issued a grave warning: what was once “a marginal phenomenon,” is now an “unprecedented flood” of synthetics threatening the natural diamond’s future. He says lab-grown stones now account for most new U.S. engagement rings. Prices for natural diamonds have already fallen about 30% since 2022. Stars like Billie Eilish, Pamela Anderson, and Bollywood celebrities have boosted their allure. Ian Furman, who sells both natural and synthetic diamonds in South Africa, sums it up perfectly: “The new generation of youngsters getting engaged, they’ve got far more important things to spend their money on than a diamond. So, it’s become so attractive to them to buy lab diamonds.” He reports that for every 100 diamonds his company sells, about 95 are now synthetic, when just five or six years ago, it was the overwhelming opposite.
The pain is spreading. Across southern Africa, job cuts and financial strain follow falling production. To fight back, Botswana, Angola, Namibia, South Africa, and Congo agreed to pool 1% of their annual diamond revenues into a massive global marketing push led by the Natural Diamond Council. They launched a “Real. Rare. Responsible” campaign starring actress Lily James, aiming to recast natural diamonds as unique and ethically sourced. But for Botswana, with its diamond income shaky, the government created a sovereign wealth fund in September, focusing on diversification into tourism (they have lots of elephants!) and other mining options like gold and uranium. But for Keorapetse Koko, the shift may have come far too late. “I was the breadwinner in a big family,” she said, her despair palpable. “Now I don’t even know how to feed my own. The skills I learned are only relevant to the diamond industry.” The sad, ironic truth? She has never owned a diamond herself. Even the smallest one is a luxury completely beyond her means.
