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Botswana’s President, De Beers CEO Say Diamond Demand Is Recovering
President Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
Botswana President Duma Boko (center) spoke about the resurgence in diamond demand during an interview with Time CEO Jessica Sibley (left) at the Presidential Diamond Jubilee reception, held last week in New York. Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo (right) introduced the president. (Photo courtesy of Bogolo Joy Kenewendo’s Facebook page)
New York—Botswana President Duma Boko delivered back-to-back speeches in New York City last week, touting the benefits natural diamonds bring to his country and heralding a “bounceback” in the market.
During an interview on Sept. 24 with Time CEO Jessica Sibley, he noted that six decades ago, Botswana was mostly desert and had no infrastructure to speak of, except for about three miles of paved roads.
“You can see where we began. And [then] the diamond came into the picture,” he said, with the gemstones generating revenue used for schools, roads, healthcare, and education.
“Then,” he continued, “we got to a point not so long ago when it seemed that trajectory had now reached the end, when the diamond faced severe challenges and headwinds, and it brought about a lot of despondency to the Republic of Botswana.”
The 56-year-old Boko was elected president in 2024, upsetting incumbent President Mokgweetsi Masisi in a victory fueled by disenchanted voters who were frustrated by the country’s high unemployment rate and tired of the long-ruling Botswana Democratic Party.
In his speech in New York, Boko acknowledged that the unemployment rate remains high among youth, the health sector is challenged, and the schools need refurbishment, but he pledged that Botswana will be “spectacularly different” in the next three years.
He said diamond demand is “bouncing back” and that diamonds will generate more jobs and bring the country more partnerships.
De Beers Group CEO Al Cook was similarly bullish in a recent interview with the China Global Television Network, telling the network that diamond prices are rising and demand is stabilizing.
Data provided by industry analyst Edahn Golan, managing partner of Tenoris, supports Cook’s claim that diamond prices are rising.
Golan said prices of larger diamonds (1 carat and up) rose 3 to 4 percent month-over-month in August, a “significant” increase.
The sole exception in August was 2-carat diamonds, though he noted prices for these stones already have increased this year.
Prices for smaller goods began rising earlier this year. While they did not go up in August, Golan said they may have increased in September; that data will be available next week.
On a year-over-year basis, diamond prices are still lower across most categories except for diamonds that are 3 carats and up, which are doing “exceptionally well.”
In his monthly retail sales update published in early August, Golan noted continued bifurcation in the market: lab-grown diamonds are gaining traction at lower price points, while natural diamonds are benefitting from strength at higher price points.
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During an interview on Sept. 24 with Time CEO Jessica Sibley, he noted that six decades ago, Botswana was mostly desert and had no infrastructure to speak of, except for about three miles of paved roads.
“You can see where we began. And [then] the diamond came into the picture,” he said, with the gemstones generating revenue used for schools, roads, healthcare, and education.
“Then,” he continued, “we got to a point not so long ago when it seemed that trajectory had now reached the end, when the diamond faced severe challenges and headwinds, and it brought about a lot of despondency to the Republic of Botswana.”
The 56-year-old Boko was elected president in 2024, upsetting incumbent President Mokgweetsi Masisi in a victory fueled by disenchanted voters who were frustrated by the country’s high unemployment rate and tired of the long-ruling Botswana Democratic Party.
In his speech in New York, Boko acknowledged that the unemployment rate remains high among youth, the health sector is challenged, and the schools need refurbishment, but he pledged that Botswana will be “spectacularly different” in the next three years.
He said diamond demand is “bouncing back” and that diamonds will generate more jobs and bring the country more partnerships.
De Beers Group CEO Al Cook was similarly bullish in a recent interview with the China Global Television Network, telling the network that diamond prices are rising and demand is stabilizing.
Data provided by industry analyst Edahn Golan, managing partner of Tenoris, supports Cook’s claim that diamond prices are rising.
Golan said prices of larger diamonds (1 carat and up) rose 3 to 4 percent month-over-month in August, a “significant” increase.
The sole exception in August was 2-carat diamonds, though he noted prices for these stones already have increased this year.
Prices for smaller goods began rising earlier this year. While they did not go up in August, Golan said they may have increased in September; that data will be available next week.
On a year-over-year basis, diamond prices are still lower across most categories except for diamonds that are 3 carats and up, which are doing “exceptionally well.”
In his monthly retail sales update published in early August, Golan noted continued bifurcation in the market: lab-grown diamonds are gaining traction at lower price points, while natural diamonds are benefitting from strength at higher price points.
During his speech, Boko also made clear his desire for Botswana not only to continue to prosper from its natural resources but also to serve as a beacon of democracy in Africa and around the world.
He recalled how on the morning following the election—before the vote counting was even final— Masisi called to congratulate him.
A few hours later, the incumbent president called a press conference to publicly concede.
This peaceful handover of power sent a message to the world that Botswana is the exemplar of democracy on the African continent, he said.
“I think Botswana is, on the African continent, right now the best place,” Boko said.
“It will lead. It will also sparkle and scintillate like the diamond and be an example to the rest of the continent, and indeed to the world, including, by the way, the United States of America.”
It also, he added, sent a message to the world that Botswana provides a safe, predictable environment for investment.
Boko campaigned on diversifying the country’s economy beyond diamonds, but Botswana also is looking to increase its presence in the industry and up its stake in De Beers Group ahead of the company’s pending sale by Anglo American.
In a short speech introducing Boko, Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo said the country wants to see more Botswana businesses in the diamond supply chain, and more diamonds cut and polished in-country.
“Botswana is not only content with simply being a place where diamonds are mined,” she said.
“We want to help shape—and we will shape—how diamonds are understood, how they are valued, how they are designed, marketed, and experienced around the world.”
Held at Rockefeller Center, the Presidential Diamond Jubilee reception was one of three Botswana-related events that took place in New York last week while the president was in town for the UN General Assembly.
On Sept. 22, there was a dinner in the Financial District honoring sprinter Letsile Tebogo, who defeated Noah Lyles in the 200 meters to win gold at the 2024 Summer Olympics.
He is Botswana’s first Olympic gold medalist and a De Beers global ambassador.
The following evening, President Boko, First Lady Kaone Boko, and Minister Kenewendo, along with Venus Williams, Ciara, and Prince Harry, Duke of Sussex, attended an event co-hosted by De Beers and National Geographic.
The event, which took place during Climate Week NYC 2026, was organized to celebrate their Okavango Eternal partnership, which was just renewed for an additional five years.
The partnership helps to protect and support the Okavango River Basin, a wetlands ecosystem that starts in the Angola Highlands and flows through Namibia and Botswana, providing food and water and sustaining life and livelihoods for the millions of people and animals.
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