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New diamond body targets local beneficiation

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Staff Reporter

Lesotho’s diamond industry is set for a transformation with the imminent arrival of the Lesotho Diamond Manufacturers Association (LDMA), the first organisation of its kind in the country.

LDMA aims to maximise the value of Lesotho’s diamond resources by fostering local cutting, polishing, and manufacturing, driving economic growth thereby enhancing its global competitiveness.

The initiative, which is led by Kobina Baffoe, the CEO of Maluti Mining Innovations, seeks to retain more value within Lesotho by encouraging local beneficiation.

All of Lesotho’s rough diamond production, which is among the top ten globally in terms of value, is exported in its raw form to Europe for value addition into a variety of premium value goods.

This means most of the downstream diamond processing of Lesotho diamonds takes place abroad, limiting the full economic benefits such as job creation for the country.

And the association, which is currently at the final stages of registration with the Law Office, intends to change the game once the paper work has been sorted.

LDMA plans to leverage on the well-documented reputation of Lesotho for producing some of the world’s largest and most valuable diamonds, such as the 910-carat “Lesotho Legend” and the 603-carat “Lesotho Promise.”

The LDMA aims to change this by establishing a local manufacturing ecosystem that enhances Lesotho’s role in the global market.

“Lesotho is home to some of the world’s most exquisite diamonds, but historically, much of the value from our natural resources has been realised outside of our borders,” Baffoe said in a recent statement. 

“Our association is committed to changing this by fostering a vibrant diamond manufacturing sector that creates jobs, develops local expertise, and positions Lesotho as a key player in the global diamond industry.”

By harnessing the country’s exceptional diamond reserves and promoting local beneficiation, LDMA aims to ensure that more value is retained within Lesotho, to benefit its people and economy.

“By focusing on local beneficiation, skills development, and innovation, the LDMA is poised to transform Lesotho’s diamond industry into a cornerstone of our nation’s economy,” Baffoe added.  

“We invite all stakeholders to join us in realising this vision and unlocking the true potential of Lesotho’s diamond wealth.”

LDMA intended to work with the likes of African Diamond Manufacturers Association (ADMA), the government of Lesotho, mining companies, and international organisations such as the African Diamond Council (ADC).

“The association is committed to working closely together with the African Diamond Manufacturers Association (ADMA), the Government of Lesotho as well as with mining companies and international partners to create an enabling environment for growth.

“It will also engage with global diamond trade organisations such as the African Diamond Council (ADC) to ensure that Lesotho aligns with international best practices and remains a trusted source of ethically produced diamonds,” a statement from the association said.

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