Editors

Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing Diamonds

EditorsApr 15, 2025

Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing Diamonds

Kenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.

Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo
Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo, left, was the keynote speaker at the JVC’s annual luncheon in March. During that same trip, Kenewendo sat down for a lengthy interview with National Jeweler Editor-in-Chief Michelle Graff. (Photo credit: Andrew Holtz, Holtz Photography)
Last month, before I got swept up in the wave of State of the Majors madness and the subsequent tariff tsunami, I had the chance to sit down with Bogolo Joy Kenewendo, Botswana’s newly appointed minster of minerals and energy.

Kenewendo was in New York City for a week in March, where she served as the keynote speaker at the Jewelers Vigilance Committee’s annual luncheon.

In between many other appointments, she also took time for an extensive interview. 

Kenewendo is a trade negotiator and trade economist who served as the cabinet minister of investment, trade and industry under the previous president of Botswana, Mokgweetsi Masisi.

Then age 30, she was the youngest cabinet minister in the history of Botswana and in all of Africa.

She left government in 2019 but this past fall, the country’s new president, Duma Boko, asked her to return and gave her a clear directive—get the new sales deal with De Beers Group done in 100 days.

And she did.

In our interview, Kenewendo shared her perspective on closing the deal, the importance of refocusing on natural diamond marketing, and her advice for young leaders.

This interview took place March 11 at the Tiffany & Co.’s The Landmark on Fifth Avenue. It has been edited for length and clarity.

Michelle Graff: I recently watched a recording of a TED Talk you did a couple years ago in Cape Town. In that talk, you described yourself as a “diamond baby.” Can you talk a little bit more about what that means?

Bogolo Kenewendo: Yes. In that TED Talk, I talk about being a diamond baby because I was born in a government hospital, I went to a government primary school, a government senior school.

I went to university, paid for by government around the world—in Botswana, in the U.S., in the U.K., and I ended up working for the government.

All this was possible because the government of Botswana pays for it. The only way that the government pays for this is that diamonds contributed in the ‘80s well over 60 percent of government revenues and in the ‘90s to the 2000s to now, contributes 30 percent or so of revenues.

Our ability to convert what’s underground to revenue, to tangible wealth, is what makes me a diamond baby.

MG: In that talk, you also mentioned Dr. Gaositwe Chiepe.

Can you talk a little bit about her role in ensuring the people of Botswana benefited from their country’s diamonds? Is she someone who was a mentor to you or someone you’ve emulated in your career?

Bogolo Kenewendo and Al Cook at De Beers-Botswana signing
Bogolo Joy Kenewendo, right, with De Beers CEO Al Cook at the official signing of the new sales and mining license agreements between the company and the government of Botswana. The signing took place Feb. 25 in Gaborone, Botswana. (Photo courtesy of De Beers Group)


BK: Dr. Chiepe was [Botswana’s] first woman [cabinet] minister, and she was also the first woman minister of minerals and the first woman minister of trade, which are both positions that I’ve happened to hold. She became really important in my life. She later became my mentor, and I called her my adopted grandmother.

This is a sad story, but so profound to me.

She passed away [on Jan. 26 at age 102], the Sunday after we concluded [negotiations on] the De Beers deal and I called her to tell her that we’ve concluded negotiations, negotiations that took six years. 

She was so excited, and we were planning what to do for the celebration.

Dr. Chiepe had really been an anchor to me and my career for several years; she was wonderful. 

But, over and above being an anchor to me, she negotiated the first De Beers-government of Botswana deal, the first agreement that created Debswana, our mining vehicle. 

This was in the ‘70s and it enabled Botswana to mine its diamonds.

Then, we didn’t even have a pound to our name. What they negotiated at the time is that with the expected dividends from our mines, we can reinvest those, and they foreshadowed that the royalties that will come out of our mines is what we will use for the developmental aspects of the mines. 

They front-loaded the taxes that they wanted for the mines and that’s what they used as contribution for their equity, so all of this mathematics. 

You can just see the visionary leadership back in the ‘70s that enabled them to craft what is now heralded as the world’s best and largest Triple P (public-private partnership) that we continue to emulate.

I don’t think it’s just the creation of Debswana that makes her so pivotal to our development. It’s what happened when she moved to Ministry of Education, of reinvesting the mineral rents in education, affording every Motswana an opportunity to go to school. 

Regardless of where you go in the world, you will get your tuition paid in full and you will get a living allowance associated with it. 

Incredible leadership.

“This agreement is critical to Botswana’s development and Botswana’s future. There were quite material matters to be negotiated, and those issues couldn’t be dealt with overnight.” — Bogolo Joy Kenewendo

MG: I want to talk a little bit now about this new deal between Botswana and De Beers. I think the main thing people are curious about is, what took so long?

We were told an agreement had been reached in July 2023, but it took until February 2025 for the deal to be signed.

I know the Botswana general elections were in October 2024, which resulted in a new leader and a new ruling party for the country. But I’ve also seen reports about a tax issue causing the delay.

What can you tell us about the timeline?

BK: First, this agreement is critical to Botswana’s development and Botswana’s future. There were quite material matters to be negotiated after onset, and those issues couldn’t be dealt with overnight.

What was reached in 2023 was the heads of terms [meaning], what is it that we agree to negotiate on? 

And then I think there were issues on, maybe style of negotiation and maybe personality clashes. I’m unsure, quite honestly, because I was not in the government at that time. 

What I can tell you is that after the elections, President Gideon Duma Boko said to me, “As the minister of minerals, I need you to get this done in 100 days. You have no excuses.”

It was clear I had to unpack with the team, what were the things that were hanging and if they needed isolation and mediation, we isolate, we mediate. 

And one of the things that you’ve referred to was the matter of taxes. We have resolved the matter of tax. De Beers no longer has any liability of taxes in Botswana and they are a corporate citizen in good standing.

“We were entirely focused on closing [the deal] because what we realized is in the six years that Botswana and De Beers were negotiating, [demand for] synthetics grew.”
— Bogolo Joy Kenewendo

MG: So, De Beers owed some money in taxes and was that holding up negotiations?

BK: I wouldn’t say they owed. I think there were matters of calculations, but they are fine now. But I don’t think that that was necessarily what was holding up negotiations.

MG: What do you think it was then, just the transition from one government to another, the personality clashes?

BK: Well, the transition happened in November. I was given a mandate to close it in 100 days, and we did that.

We were entirely focused on closing it because what we realized is in the six years that Botswana and De Beers were negotiating, [demand for] synthetics grew, right?

MG: Yes, a lot changed.

BK: There were serious structural changes in the American market. Gen Zers became a lot more aware of ESG (sustainability) and wanted a product they could relate to.

The marketing budget of both De Beers and diamond-producing countries significantly dropped and therefore the presence of natural diamonds in the market dropped.

The call to say, “Do this in 100 days and close,” was so that we can focus on fixing the market, on getting back demand, but end on getting the supply flowing and on working on the fifth C … confidence in the market.

That was what we were solely focused on—make sure Botswana has a good deal, that we can sell and market our diamonds, that our production is secure, and ethics are followed, that there is no overhang of any liability that was being talked about, that we are securing the future for Botswana.

But, most importantly, we’re getting back the natural diamond market.

MG: Yes. I know there is a big push right now around marketing natural diamonds.

BK: It’s a big push. It’s a big push because if just from the trend, the focus on the negotiation really derailed the market or we missed the work. We missed the work that was needed and the leadership that was needed in the market. 

We think that now together, but also in partnership with other stakeholders, we can be able to challenge what is needed in the natural diamond market and ensure that we are creating some buoyancy.

“You must always get up, because your dreams always deserve you to show up for yourself.” — Bogolo Joy Kenewendo 

MG: My last two questions are off the topic of diamonds, if you don’t mind.

What would you say to other young women leaders, or women in general, who might be feeling discouraged about the current state of the world?

I know you’ve spoken out about women in leadership and when you started, when you first were in the government, you were the youngest cabinet minister in all of Africa. Is that right?

BK: Yes; what an interesting period then. So, first, [I would say this] to just generally young people who may be feeling discouraged right now. 

I think in the face of adversity, we should never give up. You know, it is now that we really need to exert all of our energies to challenge the status quo and to seek what our passions are and to just go after them because the breakthrough will be that much sweeter. 

It’s easier for somebody to say that when they’re sitting in a Tiffany & Co. office and wearing Botswana jewelry. But it hasn’t always been that way for me.

I have knocked on many doors, I have begged for people to see me, and I know what struggle is like. I wasn’t born with a silver spoon. 

And every time I got a no, I took a moment out. I recognized that sometimes you need a breather. 

But then you must always get up, because your dreams always deserve you to show up for yourself. No one will do it for you. 

And someday you will look back, sitting in a Tiffany building and recognizing that those days of crying and waking up the next day and doing it all over again were worth it.

And then to the young women: Agency is important, economic agency is important. 

Right now, I recognize that it is fashionable to have somebody pay for your life, but nothing is more fashionable and more worthy than affording yourself and having economic agency. 

It is worth the liberation. That’s the only thing that can guarantee you the liberty, the freedom, the life that you want. 

 Related stories will be right here … 

MG: I saw online that your hobbies are meditating, traveling, and reading; I’m a reader too. What is the best book you’ve read in the past 12 months?

BK: I just finished reading my best friend’s book. Jaha Dukureh wrote an extremely vulnerable autobiography about her survival of female genital mutilation, “I Will Scream to the World.”

Reading it was just such an eye-opener to the challenges that women still face in the world because we do not have those challenges where I come from. And sometimes because you don’t face those, you can be so oblivious to what other people are facing.

I also read “Humanly Possible” recently, which I really liked. It’s about how we live without individualistic thoughts. 

And then I also recently read my own book, but I was proofreading, so that’s not the same. It's actually a climate finance book [by] a collection of climate experts. It’s called “Illumination.” 

Those are the most recent books that I read that are still at the top of my mind.

The Latest

Graff Fontainebleau Las Vegas
MajorsMay 28, 2025
Graff Unveils New Las Vegas Flagship

The 3,300-square foot location is the jeweler's largest store in North America.

Kim Kardashian
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist Trial

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

New York Liberty 2024 WNBA Championship Ring
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic Win

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

Article Image 1.png
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Jewelers Board of Trade logo
MajorsMay 28, 2025
Andrew Rickard Named JBT President

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

Weekly QuizMay 22, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

Al Capone Pocket Watch
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for Auction

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Kat Florence Lumina
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Mark Henry Gumdrop Bypass Ring
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored Gemstones

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Watches of Switzerland store in Mall of America
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14%

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

MJSA 2025-2026 Buyer’s Guide
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s Guide

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

Bulgari Invisible Violet Necklace and Rainbow Flow Necklace
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ Collection

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

Industry analyst Edahn Golan
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List

In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.

Beyoncé bolo tie necklace
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter Tour

The bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.

Gem Legacy logo
SourcingMay 21, 2025
Gem Legacy Expands Advisory Council

The nonprofit focused on mining communities in East Africa has added three new members to its advisory council.

Annie Doresca
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, President

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

QVC Group logo
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from Nasdaq

The company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.

National Jeweler columnist Peter Smith
ColumnistsMay 20, 2025
Peter Smith: Leading Through Change

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

Luis Morais Miami Beach Flagship Interior
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 Years

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy