Industry has potential to compete with large international diamond polishers
With just a few years into the business of polishing and selling diamonds, an endeavour prospected to turn Botswana into a diamond polishing and trading hub, Botswana has been seen to have the potential to morph into one of the biggest diamond polishing industries in the world.
Stanbic Bank Botswana (SBB) Chief Executive Officer, Leina Gabaraane, this week told a media engagement that the challenges will be many and that with perseverance, the diamond polishing industry will endure.
“Some companies will close down,” he warned, adding that since the industry is new, it will take a while for Botswana to get its foothold in the market to compete with the globe’s biggest industries such as India.
Gabaraane added that SBB is contributing to the country’s diamond beneficiation drive because the company believes in contributing towards economic diversification.
“We have projects that add to economic growth, contrary to the belief that we only just make a profit,” he said.
Adding to Gabaraane’s insight, Standard Bank Group Regional Head of Corporate and Investment Banking, Chris Clarkson said a flexible, effective and sound strategy is key for any business to succeed as it promotes growth.
“Stanbic Bank Botswana is one of the leading performers across the regional footprint, with a remarkably well performing Corporate Investment Banking (CIB) division,” said Clarkson before adding that the team is making strides at growing the CIB capabilities of the bank with the support of the group that has amassed over 150 years experience.
Also present at the meeting was Stanbic Bank Botswana Head of Corporate Investment Banking, Shepherd Aisam who added that SBB is committed to investing in the diamond sector and has placed itself on the radar of the country’s diamond beneficiation exercise.
He also noted that the bank is also looking at avenues within the diamond sector to increase their shareholder’s investments.
“We are looking at the diamond value chain and have positioned ourselves such that we are players in the economic eco-system of the country from small to medium enterprises to large corporations,” he said.
Aisam also divulged that the futures of their clients are intertwined and that the bank exists to help them grow.