THINKING LOCAL AND ACTING REGIONAL: A CASE OF DIAMOND BENEFICIATION IN BOTSWANA?

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1 THINKING LOCAL AND ACTING REGIONAL: A CASE OF DIAMOND BENEFICIATION IN BOTSWANA?

2 OVERVIEW OF SADC FDI POLICY INSTRUMENTS - SADCC formed in Countries assigned sectors, precursor to regional value chains based on comparative advantages - Need for revisit as regional value chain narrative grows? - Finance and Investment Protocol, exception for industrial development, deemed to be narrow - Historically there was no connection between FDI and development in most SADC countries

3 SADC FRAMEWORK FOR FDI

4 SADC MODEL BIT - Generally burdens investors with with regard to fostering sustainable development and inclusive growth - Art 20 `the Host State has the right to regulatory and other measures to ensure the development in its territory is consistent with the goals and principles of sustainable development and with other legitimate and social economic policy objectives. - Additional exceptions for BEE, beneficiation and

5 NO POLICY ON BENEFICIATION - SADC mining Protocol of Mining Strategic Plan of Regional Indicative Strategic Development Plan - No reference to beneficiation BUT - Victoria Falls, HOS Summit, August 2014 Theme: SADC STRATEGY FOR ECONOMIC TRANSFORMATION: LEVERAGING THE REGION`S DIVERSE RESOURCES FOR SUSTAINABLE ECONOMIC & SOCIAL DEVELOPMENT THROUGH

6 IS THERE CASE FOR BENEFICIATION? - Hausman and Lawrence: `In the case of South(ern) Africa, the results clearly show that beneficiation is the wrong approach. There is no reason to pay special attention to downstream sectors at the expense of missed opportunities from the entire set of `lateral` sectors that currently dont exist. It is a bet against the whole international experience. Quite simply, beneficiation is a bad policy paradigm` (Kennedy School of Government)

7 CASE AGAINST CONT - Gareth Ralfe (Former De Beers CEO) ` Particularly in the case of Botswana, the absence of manufacturing is a recognition of economic realities. Botswana`s best interests are serves precisely by having diamonds in places where they can most economically be polished. For a diamond producer like Bots, it would be a national folly prescribe that any percentage of their diamonds be beneficiated locally` What has changed now?

8 CASE FOR BENEFICIATION - Current MD, Gareth Penny `For the African diamond producing countries, beneficiation is not optional, not a passing whim motivated by political correctedness, but an imperative, absolutely essential & critical part of their macro-economic policy designed to uplift their economies. We as De Beers dont embrace it out of misguided enthusiasm. Not only because it makes business sense, but is the right thing to do`. Was De Beers coerced or ist PPP at ist best??

9 BOTSWANA DIAMOND MINING HISTORY - Model for Public Private Partnership. How did this happen and why is it working? Any lessons for diamond producing countries in SADC? - Botswana was a protectorate with a capital outside its territory in Mafikeng. - Indepedence in 1966, diamonds discovered in Botswana leaders (Khama) entered into a an unpredented joint venture agreement with De Beers.

10 LOCATING DIAMONDS WITHIN BOTSWANA ECONOMY - Botswana`s economic indicators are at the apex in Africa. 30 out 100 CPI, Standard and Poor A-A-2, Travel and Tourism 94/139, WB EDBIndex 89/185 - Largest producer of diamonds by value in the world - 94% of exports for the last 10 years - 40% of GDP - 60% tax revenue - Depleted by 2029 Why talk about beneficiation? Regional feeder countries perhaps?

11 BOTSWANA MINERAL POLICY - Crux of Mineral policy is to maximise profits for the Government while ensuring private sector also derives profits - Encourage linkages with the rest of the economy - Ensure that mining leads to employment and skills development - Beneficiate and transfrom Botswana into a global trade centre. - Where is the regional dimension here? Only global.

12 DIAMOND BENEFICIATION:SALIENT FACTS - Government has 15% shareholding in De Beers and 51% in DEBSWANA ( model story of PPP/indigenisation) - Beneficiation Botswana compelled (negotiated) De Beers to conduct sales, sorting, valuing & marketing - De Beers therefore relocated its sorting and valuation facility from London to Gaborone - This is the largest diamond sorting and valuation facility in the world

13 CONTD - Botswana govt and De Beers established the De Beers Aggregation Company - The aggregation will enable Botswana to add sorting and valuation of diamonds produced throughout the world (Canada) - What about regional diamonds? - So far 28 cutting and polishing companies - Sightholders are selected on inter alia : local criteria, skills dvpt, job creation & local manufacturing

14 BENEFITS FOR BOTSWANA - Get to set the price of diamonds globally - Gain first hand knowledge of the market - Build capacity in diamond marketing and sales - Give Batswana and non sightholders an opportunity to purchase Botswana diamonds - Could be a catalyst for growth of cluster industries - Any spillovers to the region? Potential?

15 CLUSTER INDUSTRIES (REGIONAL?) - Banking - Security - Insurance - Certification and brokerage - IT - Hospitality

16 CONCLUSION - SADC does not have a harmonised framework for diamond beneficiation - There is a patchwork of beneficiation policies in the different SADC diamond producing countries - There is need for a more harmonised approach to beneficiation of diamonds - Botswana has to improve its regulatory framework and consider creating a special regime for diamond producing countries in order to deepen ist hub

17 I THANK YOU

18 THANK YOU

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