Following diamond mining and manufacturing company De Beers Group’s announcement that it planned to make major investments in its business operations, the group expanded its Forevermark diamond brand into Botswana last month.
This comes after an expansion by South African Forevermark licensee partner Caratco in the form of a new Caratco Jewel Africa outlet at Maun International Airport, in Botswana, last month.
Mining Weekly reported in September that diamond demand was expected to almost outstrip growth in diamond carat production in the next ten years, given the lack of new discoveries in the last decade.
As a result, De Beers has focused its marketing strategy on driving demand through Forevermark. It spends over $100-million a year on marketing activities through Forevermark.
“There is a big demand for Forevermark diamonds internationally, as every Forevermark diamond is inscribed with a promise – a promise that it is beautiful, rare and responsibly sourced. Less than 1% of the world’s diamonds are eligible to become Forevermark diamonds and be inscribed with the Forevermark icon and individual number,” says Caratco CEO Tim Watson.
He adds that Forevermark diamonds are tracked and traced from mine to finger. The unique inscription – which is made using bespoke technology from De Beers – on every Forevermark diamond provides the consumer with assurance of the diamond’s provenance and quality and that it has been responsibly sourced.
Watson explains that Caratco is one of the biggest diamond companies in South Africa and its operations include manufacturing, wholesale and retail. The stores in Cape Town and Johannesburg, he says, serve as flagship Forevermark showrooms.
These showrooms have served as international tourist destinations to buy Forevermark diamonds. As a result, Watson points out that the expansion into Botswana is a natural progression.
“Caratco is proud to open a Jewel Africa outlet in Botswana since the country is of great significance to De Beers, Forevermark and the diamond industry globally. De Beer’s Jwaneng mine, in Botswana, is the world’s richest mine and is one of the sources of Forevermark diamonds. Also, diamonds account for about one-third of Botswana’s gross domestic product,” states Watson.
In addition, he mentions that De Beers Global Sightholder Sales relocated its entire function from London to Botswana at the end of 2013. De Beers Global Sightholder Sales handle the aggregation and sale of rough diamonds and serve sightholders from the leading diamond centres of New York, Antwerp, Tel Aviv, Mumbai, Southern Africa and the Far East.
The new Caratco Jewel Africa outlet in Botswana will only sell Forevermark diamonds and tanzanite, which can be bought loose or set in jewellery, and is located in the international departure lounge of Maun International Airport, in Maun, Botswana.