What a difference a day makes. Economic reports by the end of October 2015 lamented the demise of the diamond mining boom in Botswana. “The honeymoon is over in Botswana, where the diamond industry that led the world has fallen on hard times,” cried Bloomberg reporter Mike Cohen in The Nerve Africa, a news platform covering Africa’s economic climate. In the case of Botswana, ‘diamonds aren’t forever’ was the gist of that gloomy report.
Over 50 years ago, Botswana miraculously morphed from dusty boondocks into Africa’s snazziest urban society where wealth was evident at every turn; shopping, clinics, schools, office blocks, malls, and the whole shebang. Botswana’s credit ranking was also tippy-top. Driven by the diamond trade, the region stayed in great shape until diamond prices started heading south and China put on the brakes. The ease of diamond yield in that region also impacted its output. Diamond harvests there occurred relatively near the surface. But digging deeper made the process more costly with ever dwindling returns.