BRICS countries have the potential to play a “decisive” role in stabilizing the global diamond market, according to Nosiphiwo Mzamo, CEO of South Africa’s State Diamond Trader. In an interview with Sputnik Africa, Mzamo highlighted the significance of regional cooperation among BRICS nations to counter Western dominance and promote equitable trade practices in the diamond industry.
Her comments come on the heels of the African Diamond Producers Association (ADPA) launching its first Sustainable Diamond Mining Standard (SDS), which is set to be implemented early next year. This initiative aims to ensure responsible and ethical diamond mining practices across the continent. “The diamond dialogue creates an agenda for equal and fair interaction among all parties involved in the global diamond trade,” Mzamo stated. “This will ensure sustainable development of the diamond industry and maintain market stability.”
Mzamo noted the potential for enhanced cooperation between diamond mining and processing countries within the BRICS framework. This collaboration could stimulate demand for natural diamonds in emerging consumer markets while providing diamond companies access to global supply chains. Recently, South Africa engaged in discussions with Russia under the BRICS banner, focusing on technology and traceability in diamond sourcing.
Emphasizing the importance of southern African countries working together, Mzamo pointed to the African Commodities Strategy, a flagship project of the African Union’s Agenda 2063, which prioritizes intra-African trade and regional infrastructure development. She expressed optimism that this collaborative effort could position African nations as significant players in global trade, addressing production fragmentation and creating competitive advantages through value chain development.
Mzamo also expressed concerns regarding a proposed G7 mechanism that would require a single export note for certifying rough diamonds through Antwerp, Belgium. She argued that this approach undermines the sovereignty of diamond-producing countries. “This process does not recognize the internationally accepted right of each member state to exercise sovereignty over their minerals,” she stated, adding that the ADPA has issued a statement condemning the G7 restrictions, which could adversely affect the diamond industry.
The Kimberley Process, an international certification scheme aimed at preventing the trade of conflict diamonds, has been functioning effectively, according to Mzamo, who sees no need for a parallel certification system.
In light of the recent discovery of the world’s second-largest diamond in Botswana, she underscored the importance of ensuring local benefits for diamond-producing countries. “Diamonds symbolize wealth and luxury, serving as catalysts for innovation and global change,” Mzamo remarked, noting that 80% of Botswana’s diamond profits remain within the country, securing its economic future.
