Botswana and De Beers launch Diamonds for Development Fund

The government of Botswana and De Beers Group have announced the transfer of an initial BWP 1 billion (approximately N$1.1 billion) to the Diamonds for Development Fund. The fund is designed to support Botswana’s long-term economic diversification by utilizing diamond wealth to catalyze investment in new industries, support enterprises, create employment, and strengthen economic resilience.

The fund will act as a catalytic investment platform to attract larger pools of domestic and international capital into the country’s productivity and export sectors. Governance structures for the fund are now in place, including the appointment of Dr. Akinwumi Adesina as Chairperson and the onboarding of a 10-person independent board.

In a separate cultural initiative, De Beers has unveiled an international art installation at Frieze Masters in London titled ‘Voyage Through the Diamond Realm, Chapter II: On the Birth of a Diamond’. The installation features a five-meter handcrafted tapestry by Shifron Mercury Studio, utilizing natural fibers from Botswana’s Okavango Delta, to connect the geological history of diamonds with local craftsmanship and cultural heritage.