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Building on Diamonds

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Building on Diamonds TURNING FINITE RESOURCES INTO ENDURING OPPORTUNITY 1. BUILDING ON DIAMONDS Botswana’s President, His Excellency Ian Khama, after being appointed as the Southern African Development Community (SADC) chairperson during the 35th SADC ordinary summit of heads of state and government in Gaborone on 17 August 2015. 8 9 TURNING FINITE RESOURCES INTO ENDURING OPPORTUNITY 1. BUILDING ON DIAMONDS The modern history of Botswana is These intertwined stories are captured in Figure 1, which De Beers was established as a diamond mining company in shows the close relationship between Botswana’s GDP growth South Africa in 1888, following the Kimberley diamond rush. THE MORE THE PARTNERSHIP closely linked to the story of diamonds. from the 1970s onwards (above the horizontal axis) and the Today, De Beers is the largest diamond producer in the world This, in turn, is linked to the story of the growing supply of diamonds produced by Debswana’s mines by value (approximately 34 per cent),3 and it is active in the HAS MINED, THE MORE IT HAS (below the axis). Over nearly five decades, the Partnership exploration, mining, sorting, valuing, sales, marketing and Partnership, formed in 1969 between the has recovered 708 million carats of diamonds. The more the retailing of diamonds employing nearly 23,000 people SUPPORTED BOTSWANA’S Government of Botswana and De Beers. Partnership has mined, the more it has supported Botswana’s worldwide.4 De Beers has mining operations in Botswana, socio-economic development. Canada, Namibia and South Africa. SOCIO-ECONOMIC The yellow line shows that, over this time, Botswana DEVELOPMENT. has improved its score in the United Nations Human Development Index, a composite statistic of life expectancy, education and income indices, and a broad measure of human development. FIGURE 1: GDP, HUMAN DEVELOPMENT AND CARATS EXTRACTED 2013: DE BEERS MIGRATES INTERNATIONAL GDP SALES FUNCTION Human US$ TO BOTSWANA Development (billions) Index 1.00 16 2008: OPENING 1969: DE BEERS BOTSWANA 2001: DE BEERS OF DTCB WITH MINING COMPANY (BMC) 1992: BMC RENAMED DELISTED MORE THAN 3,000 DEBSWANA FORMED AS A PARTNERSHIP AND PRIVATISED. NEW LOCAL 0.9 BETWEEN THE GOVERNMENT DIAMOND COMPANY GRB TAKES A 15% MANUFACTURING X OF BOTSWANA (GRB) AND INTEREST JOBS CREATED 12 500 DE BEERS IN BOTSWANA Increase in nominal GDP growth since 1960 1967: DE BEERS 0.8 GEOLOGISTS DISCOVER 1987: BMC TAKES DIAMONDS A 5% SHAREHOLDING 8 AT ORAPA IN DE BEERS 0.7 1971: FIRST OF THE JWANENG KIMBERLITES 0.6 DISCOVERED HDI 2006: GRB AND DE BEERS 4 ESTABLISH DIAMOND TRADING COMPANY BOTSWANA (DTCB), 0.5 A 50/50 JOINT VENTURE GDP BETWEEN GRB AND DE BEERS 0 0.4 1960s 1970s 1980s 1990s 2000s 2010s Carats 0 10,000,000 20,000,000 Orapa Regime (Orapa, Letlhakane and Damtshaa mines) 30,000,000 Jwaneng Mine 40,000,000 Source: World Bank (2015) and United Nations Development Porgramme (2014) 10 11 TURNING FINITE RESOURCES INTO ENDURING OPPORTUNITY 1. BUILDING ON DIAMONDS CONTINUED The footprint of the Partnership in Botswana has expanded 2006 with the formation of Diamond Trading Company over time. Botswana (DTCB) (a 50/50 joint venture) in order to THE GOVERNMENT HELD provide a regular supply of diamonds for local manufacture Together, De Beers and the Government established by Sightholders and further domestic diamond beneficiation. Debswana, then the De Beers Botswana Mining Company, 15 PER CENT OF DEBSWANA In 2008, DTCB opened the largest and most sophisticated as a joint venture in 1969. The Government held 15 per cent rough diamond sorting and valuing facility in the world.5 AT ITS FOUNDING, INCREASING of the company at its founding, increasing its shareholding to 50 per cent in 1975. The name of the company became The most recent development in this story of increased ITS SHAREHOLDING TO the Debswana Diamond Company (Pty) Ltd (or Debswana) participation in the diamond value chain was the relocation in 1992. of De Beers’ international sales function – De Beers Global 50 PER CENT IN 1975. Sightholder Sales (DBGSS) – to Gaborone from London From mining, the Partnership extended operations down at the end of 2013. the value chain. In 1971, the Botswana Diamond Valuing Company was formed as a 50/50 joint venture for the sorting The activities of the Partnership companies, and the flow of and valuing of Debswana’s diamonds. This was replaced in diamonds through their operations, are depicted in Figure 2. FIGURE 2: THE ORGANISATIONAL STRUCTURE AND ACTIVITIES OF THE PARTNERSHIP IN BOTSWANA ANGLO AMERICAN PLC 85% GOVERNMENT OF THE REPUBLIC OF BOTSWANA 15% THE DE BEERS GROUP OF COMPANIES EXPLORATION PRODUCTION ROUGH DIAMOND SALES DE BEERS DEBSWANA DTC BOTSWANA GLOBAL HOLDINGS DIAMOND (50% GRB SIGHTHOLDER BOTSWANA COMPANY 50% De Beers) SALES (100% De Beers) (50% GRB (100% De Beers) 50% De Beers) PARTICIPATION THROUGHOUT THE DIAMOND VALUE CHAIN MANUFACTURING EXPLORATION MINING SORTING AND VALUING AGGREGATION & BRANDS 1955 1969 2006 2013 2003 De Beers begins GRB and GRB and De Beers relocates First Sightholder CONSUMERS exploration De Beers form De Beers form a 50/50 its global aggregation factory opens activities in a 50/50 partnership partnership to sort and and sales function to 2014 Botswana (later to become value Debswana’s Botswana, holding its Forevermark Debswana) to mine production first global Sight Botswana’s in Gaborone concession opens 2008 diamonds in Maun DTCB opens 1950s 1960s 1970s 1980s 1990s 2000s 2010s Note: The Government’s 15 per cent ownership was not included within this study. Botswana parliament building. 12 13 TURNING FINITE RESOURCES INTO ENDURING OPPORTUNITY 1. BUILDING ON DIAMONDS CONTINUED FIGURE 3: THE PIPELINE IN BOTSWANA FROM EXPLORATION TO MANUFACTURING EXPLORATION SORTING AND VALUING Currently, De Beers’ exploration activities in Diamond Trading Company Botswana Botswana are focused on early stage exploration work (DTCB) sorts Debswana’s diamond programmes in Tsabong, Orapa, Palapye and Kang. production by size, colour, clarity and shape in line with around 12,000 price points on rough diamonds. MINING Debswana operates four open-pit mines in Botswana: Orapa, Damtshaa, Letlhakane and Jwaneng. Jwaneng is the world’s richest diamond mine by value. Damtshaa and Letlhakane mines are operated as part of the Orapa Mine complex. MANUFACTURING AND BRANDS The first Sightholder factory opened AGGREGATION AND SALES in Botswana in 2003, with 20 currently Thirteen per cent of Debswana’s operating. Here, rough stones are cut total production is made available to the and polished, then sold on to jewellery Okavango Diamond Company, a wholly manufacturers and others. Government-owned rough diamond Forevermark, the diamond brand distribution company, established in 2012. from The De Beers Group of The majority of Debswana’s production Companies, is available in more than is transferred to De Beers Global 1,600 retail stores across 34 markets. Sightholder Sales. Here, Botswana’s In August 2014, the first Forevermark diamonds are combined with rough concession in Botswana was opened diamonds from De Beers Group mines at Maun International Airport. in Canada, South Africa and Namibia. This aggregated production is then prepared in bespoke assortments for the world’s leading diamantaires – known as Sightholders – either to be cut and polished internationally or locally in Botswana to support beneficiation. 14 15 TURNING FINITE RESOURCES INTO ENDURING OPPORTUNITY 1. BUILDING ON DIAMONDS CONTINUED FIGURE 4: ROUGH DIAMOND PRODUCTION These assortments are at the heart of De Beers’ sales model, Botswana, previously a British Protectorate, secured JWANENG IS THE BY MAIN PRODUCING COUNTRIES, 2013 AND 2014 in which the majority of its rough diamond customers full independence from Britain in 1966. As it was poor – called Sightholders – qualify for three-year supply and undeveloped, there was some scepticism about its VOLUME VALUE WORLD’S RICHEST (MILLION CARATS) 150 -3% (US$ BILLIONS) 20 +6% contracts for the supply of a specific profile of diamonds. prospects as an independent nation. The second president, His Excellency Sir Ketumile Masire, was fond of saying, Since the end of 2013, De Beers Sights – international rough DIAMOND MINE “When we asked for independence, people thought we were either diamond sales events held 10 times per year – have taken 16 very brave or very foolish.” 7 BY VALUE. place at a newly-built facility in Gaborone. In addition to its 100 global supply contracts, De Beers also sells rough diamonds The Republic of Botswana is landlocked, arid, sparsely 12 to customers with factories in Botswana for cutting and populated and, at independence, had limited economic polishing in-country, thereby supporting the development potential. Although it was a democracy, it was surrounded of a domestic cutting and polishing sector. on three sides by minority regimes in South Africa, the then 8 South West Africa (Namibia), and Rhodesia (Zimbabwe). 50 The Partnership is actively involved in exploration, mining, The country’s finances were heavily dependent on foreign sorting, valuing and selling functions in Botswana, while also 4 aid from Britain.8 supporting activity in the local cutting and polishing industry. Economic possibilities were minimal as the people were The allocation of revenues and profits between the rural and agrarian, raising cattle in a climate prone to 0 0 Government and De Beers is set out in long-term agreements 2013 2014 2013 2014 drought and disease. An abattoir for beef exports that that run broadly in parallel with the 25-year mining licences Russia DRC Botswana Australia Canada opened in Lobatse in the 1950s was the only formal for the Debswana mines. 9 South Africa Angola All others industry in the country. A drought in the 1960s had 1.1. THE CONTRIBUTION OF destroyed one third of the national cattle herd and Source: De Beers Diamond Insight Report (2015) many workers had left Botswana to seek waged labour DIAMONDS TO BOTSWANA’S DEVELOPMENT in neighbouring South Africa.
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