Namibian President, Mr Hifikepunye Pohamba has said the time has come for aggregation to move from Diamond Trading Company (DTC) International in London to Botswana to make southern Africa a hub of diamond activity, according to PolishedPrices.

Speaking during a briefing at the Diamond Trading Company Botswana (DTCB), President Pohamba said the aggregation of diamonds would assist in the integration of the Southern African Development Community (SADC) economies, said the report.

Apparently, Pohamba said they have problems with their joint venture partner in Namdeb, De Beers, as only a small percentage of rough diamonds supplied to the local sight holders (diamond cutting and polishing companies) while the bulk is taken to London. He said he was given an impression that Botswana would do all the aggregation.

Permanent Secretary in the Ministry of Minerals, Energy and Water Resources, also chairman of the DTCB board of governors, Mr Gabaake Gabaake said the transfer of aggregation from London has not proceeded as they have hoped. Mr Gabaake said Botswana was negotiating with De Beers over a new sales agreement and aggregation is part of the negotiations. He said as it was the case in Namibia, a bulk of local diamonds was aggregated in London, continues PolishedPrices.

He said diamonds were a source of livelihood for Batswana, accounting for 33% of GDP, 80% of foreign earnings and 39% of public revenue.

Since independence in 1966, Botswanas GDP growth rate has averaged seven per cent, he said. Mr Gabaake said diamonds have transformed Botswana from one of the poorest countries to being one of the fastest growing economies in the world.

Revenues from the diamonds have helped in building roads, schools and hospitals. At independence, Botswana was one of the poorest countries in the world with GDP of around US$100 per capita. To date we are a middle income country with a GDP per capita in excess of US$6 000, he said.

DTCB is an equal joint venture operation between De Beers and the government and Mr Gabaake said the entity was established in line with the governments vision of moving from being a major producer to being both a major producer and one of the leading diamond centers in the world, continues PolishedPrices.

He said diamonds we believe can be a catalyst for diversification of our economy.

Africa produces most of the worlds gem quality diamonds in the world yet it is only recently that the continent has seen beneficiation activities taking place at an appreciable scale, he said.

The DTC board chairman said he hoped the creation of DTC Botswana and DTC Namibia will help sustain the diamond legacy in the two countries.

Mr Gabaake said the newly completed Sir Seretse Khama International Airport terminal has a security area for diamond storage to enable safe importing and exporting.