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De Beers opens diamond-sorting facility in Bostwana

March 19, 2008

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Gaborone, Botswana—The world's largest and most sophisticated diamond-sorting facility opened on Tuesday in the African nation of Botswana, marking yet another major shift in the diamond supply chain.

The facility, funded by De Beers and home to the Diamond Trading Co. Botswana (DTCB), a fifty-fifty joint venture between De Beers and the Botswana government, will have the capacity to sort and value 34 million carats a year.

DTCB is projected to sell $375 million in rough to sightholders in 2008 and $550 million in 2009.

The opening of the Botswana sorting facility is the latest example of beneficiation, the effort in Africa to ensure that people in diamond-producing nations benefit from their country's natural resources.

According to a release from De Beers, beneficiation in Botswana will create about 3,000 new jobs primarily in diamond cutting, polishing, sales and marketing, representing a 30 percent increase in the country's diamond jobs and a 10 percent increase in overall manufacturing positions.

DTCB will sort and value all rough diamonds produced by Debswana (the fifty-fifty joint venture between De Beers and the government to mine the country's diamonds) and, for the first time, will handle the sale and marketing of rough locally.

And, through the Diamond Academy in Botswana, the DTC will train local employees.

The facility opened amid much fanfare on Tuesday. Attendees included De Beers Group Chairman Nicky Oppenheimer, De Beers Managing Director Gareth Penny and Botswana President Festus G. Mogae.

Speaking at the grand-opening ceremony, Mogae said, "For the citizens of Botswana, the Diamond Trading Co. Botswana will bring with it increased employment and training opportunities. It will further provide government with another significant revenue stream, to finance further development. It will also raise our nation's global profile by becoming a benchmark brand of local excellence."

Oppenheimer said the opening was an important milestone in the partnership between De Beers and the people of Botswana.

"The unique contribution that diamonds have made in countries like Botswana gives us cause to reflect on what lessons might be drawn from this success and whether these might be deployed effectively elsewhere on the continent," he said.
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