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Learning Center  The Diamond Community Not Everything about Diamonds is Bad
Not Everything about Diamonds is Bad | Not Everything about Diamonds is Bad | Recently the diamond industry has been under fire because of the issue of conflict diamonds. The diamond once held in highest esteem is now getting a negative image. Blood diamonds have sullied the diamond’s image so that the stone seems to lack the luster it once had.
People have to remember, however, that despite the existence of blood diamonds, not everything about diamonds is bad. Diamonds have always been associated with positive things like wealth, prosperity, status, and everlasting love. This is not without reason. Diamonds are important not only to those who want to express their undying love but actually are of great economic significance. Diamonds are so precious that an entire industry is built upon these stones. The industry is such a massive industry that it spans the entire world and in 2004 produced an estimated US$11.78 million worth of rough diamonds. Such a large industry undoubtedly creates jobs and affects the economy of nations.
Africa nations benefit much from the diamond industry. However diamonds from Africa are marred due to its image of being a curse that finances civil wars and coups. Though it is true that blood diamonds did and do originate from Africa, ever since the Kimberly Process was implemented blood diamonds from Africa are have significantly decreased. Furthermore most Africa nations being participants of the Kimberly Process are joining the fight against conflict diamonds.
One of the things that the diamond industry has done for Africa is to provide jobs. Granted that the mining jobs are low paying, these jobs still benefit families who otherwise will have no source of income at all. In the continent where much abject and desperate poverty exists jobs that do pay are rare and do much to help the common people. The African economy has also benefited much from the revenue that the diamond mines have produced. As a matter of fact some countries like Botswana have economies that depend largely on the diamond industry.
Botswana is a prime example of how the diamond industry has benefited and can benefit African nations. Before Botswana became a diamonds exporter in the 1970s its economy depended mostly upon livestock. However, it is now regarded by economists to be one of Africa’s major success stories and even managed to achieve the highest rate of economic growth, averaging at 9.2%, in the entire world from 1996-1996. Botswana’s rapid economic growth is due mostly to its mining industry of which diamonds make 36% of. However in 2005 the last three remaining holes of the Kimberley mine in Botswana closed. Botswana’s diamond reserves are expected to last for another 30 years but because of the limited supply in diamonds there is a need for Botswana to diversify for their economy to survive the eventual loss in diamond production. One of Botswana’s options is to develop their diamond industry to more than just mining into cutting and polishing. Doing so would further increase the value of the stones before export and lead to a significant increase in revenue. Being a diamond cutting and polishing center would also help support the economy once the diamond reserves dry up.
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