𝗗𝗧𝗖 𝗕𝗢𝗧𝗦𝗪𝗔𝗡𝗔 𝗪𝗘𝗟𝗟 𝗣𝗢𝗦𝗜𝗧𝗜𝗢𝗡𝗘𝗗 𝗧𝗢 𝗨𝗡𝗟𝗢𝗖𝗞 𝗗𝗜𝗔𝗠𝗢𝗡𝗗 𝗩𝗔𝗟𝗨𝗘

The Managing Director of the Diamond Trading Company Botswana (DTCB) Mr. Sedireng "Sed" Serumola, is looking forward with anticipation to the new Sales Agreement.

While the new Sales Agreement between De Beers Group and the Government of the Republic of Botswana has set 10 years as the timeline for Botswana to reach its 50 percent allocation, Serumola believes it is possible for Botswana to even do it earlier.

"The longer we wait; we will lose out on opportunities in the industry. Secondly, it is getting highly competitive, and we ought to make the changes now! The longer we wait we are delaying development of skills for the future of many Batswana youths who are unemployed now," said Serumola when speaking to the MIT Executive MBA candidates who are currently in Botswana as part of initiative between MIT and HB Botswana.

"If we attain the goal in 5 years these issues will be addressed in a short period of time, thus progress not just for us as a business but also for Batswana."

According to Serumola, the days of Botswana’s diamond industry being just a dig, wash and sell of the diamonds are nearing an end.

The DTCB MD noted that “we are excited as we look forward with the new Agreement; it is a transformational landmark agreement. The new Agreement enables significant expansion of Botswana’s footprint and leadership position across the diamond value chain. Botswana can benefit more from the processes of diamond cutting, polishing, jewellery design and making. Sustainable economic development in Botswana depends on the success of the diamond industry.”

DTC Botswana also takes pride in being well-positioned to unlock diamond value and playing a role in facilitating the growth of the diamond beneficiation sector.

Serumola emphasised the importance of effective leadership in driving transformational and developmental agenda in Botswana. Part of this leadership is execution, getting things done, and developing people to be highly effective in execution.

Meanwhile, Shai de Toledo, Co-founder and Managing Partner HP Antwerp disclosed that this is the second instalment of the MIT and HB partnership.

"We have opened our doors to MIT as a means to create transparency in the diamond industry, everything has been done behind closed doors and it is wrong," he said.

The MIT team comprises a team of engineers who bring their expertise to disrupt the diamond industry for the betterment and benefit of all players involved.

He highlighted that the collaboration was also influenced by Presiden Masisi’s call for Botswana to be a knowledge-based economy. de Toledo mentioned that the global North has made strides in research and technology and Botswana has already gained leverage from such expertise and partnership from MIT.

The MIT team this afternoon visited Jwaneng and had consultations with the Town Council’s Leadership.