Why are diamonds important to Africa?

Why are diamonds important to Africa?

An Economic Boon As of 2020, the diamond industry contributes over $8 billion to the African economy, making Africa the world’s top producer of diamonds. Approximately 47% of the world’s diamonds come from Africa and almost 3/4ths of Botswana’s export revenue came from diamonds alone.

Why is Africa so rich in diamonds?

Official reports revealed that diamond production in overall Africa is twice as large as projected. The reason: Illegal trade, underreporting of production, corruption, and tax evasion. However, the case is different for Botswana, the dominant role model in Africa.

What part of Africa has diamonds?

Where are Diamonds Mined in Africa? The largest diamond producers in Africa are South Africa, Angola, Botswana, Namibia and the Democratic Republic of Congo (DRC).

How to understand the diamond trade in Africa?

To understand the African diamond trade, you have to know how and why diamonds are exploited in parts of Africa, as well as where this has been and continues to be a problem. You also might want to know how to avoid buying a conflict or blood diamond for your special someone, and what people are doing to eliminate this problem completely.

Which is the largest producer of diamonds in Africa?

Africa dominates the global diamond market. In 2008, the continent produced 55 percent of the world’s diamonds. Botswana, Angola, South Africa, the Democratic Republic of the Congo, and Namibia are Africa’s largest producers of diamonds.

Why are blood diamonds so important to Africa?

Would they consider their rings to be worth the suffering, deaths and displacement of thousands of Africans? Known as blood diamonds or conflict diamonds, these gems are mined and exported illegally from certain parts of Africa by corrupt groups bent on funding bloody rebel conflicts and civil wars.

Where do most of the world’s diamonds come from?

First, only a small percentage of the world’s diamonds are known still to come from these particular regions of Africa. It’s impossible to know if that statistic is truly accurate, because diamonds are very easy to smuggle out of these war-torn countries. Second, not all countries in Africa are home to corrupt diamond mining and trading.

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