Botswana, once one of Africa’s success stories thanks to its lucrative diamond trade, is now facing a crisis as the global industry shifts towards synthetic diamonds. Keorapetse Koko, a 17-year veteran of cutting and polishing diamonds, lost her job last year due to the growing competition from lab-grown stones.
For decades, Botswana’s diamond production fueled the country’s development, including its healthcare, education, and infrastructure. However, with the rise of synthetic diamonds, the industry is buckling under pressure. The global market has seen a surge in lab-grown stones, which now account for nearly 20% of global sales.
Botswana’s government has prided itself on prudently managing its natural wealth, but the crisis is forcing it to diversify beyond mining. The country has created a sovereign wealth fund focused on investment and diversification, although details are sketchy.
As the industry faces an uncertain future, Koko fears for her family’s well-being. She had survived on about $300 a month and relied on her employer for medical insurance, but now she is struggling to make ends meet. The skills she learned in the diamond industry are no longer relevant, leaving her without a clear path forward.
The crisis highlights the need for the industry to adapt to changing market trends and ensure that workers like Koko are protected from the impact of global shifts.
Source: https://fortune.com/2025/11/29/lab-grown-diamonds-african-economy-botswan-synthetic-vs-natural-stones