World's second-largest diamond found in Botswana

Candystore said:
I was sad when I saw that. I wonder how much of the diamonds are mined by foreign companies, using local labour, and then taken out of the country.
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As apposed to locals sitting op hulle gaaie doing nothing and moaning about the diamonds in the ground that doesn't extract itself whole they eat dirt because they don't have jobs.

That foreign company is investing in their economy and their government is more than happy to take their money and locals get job opportunities.
 
RedViking said:
As apposed to locals sitting op hulle gaaie doing nothing and moaning about the diamonds in the ground that doesn't extract itself whole they eat dirt because they don't have jobs.

That foreign company is investing in their economy and their government is more than happy to take their money and locals get job opportunities.
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Are you sure you are thinking of the right country?

Apparently the Canadian company use advanced technology to find large diamonds.
 
Candystore said:
Are you sure you are thinking of the right country?

Apparently the Canadian company use advanced technology to find large diamonds.
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You said they using local labour. Don't lead me astray.

I am all for advanced technology. It cost more , means the government gets more , which means more finances for the government to create more opportunities.
 
Candystore said:
I was sad when I saw that. I wonder how much of the diamonds are mined by foreign companies, using local labour, and then taken out of the country.
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I scanned the X comments on a post about this diamond and there were many similar comments to yours there. Interestingly none of them were from Botswanans (not sure what the correct term for people from Botswana is). Anyway, you might want to take a moment to look at the Botswana political and economic climate. Their per capita GDP is quite a bit higher than ours and their government far more stable. They also don't care about the manufactured outrage regarding race/colonialism and simply focus on building their country.
 
Speedster said:
I scanned the X comments on a post about this diamond and there were many similar comments to yours there. Interestingly none of them were from Botswanans (not sure what the correct term for people from Botswana is). Anyway, you might want to take a moment to look at the Botswana political and economic climate. Their per capita GDP is quite a bit higher than ours and their government far more stable. They also don't care about the manufactured outrage regarding race/colonialism and simply focus on building their country.
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Oh yeah, I believe they are miles ahead of e.g. SA in many aspects. Maybe that is why they have no issue with foreign companies coming in and extracting their minerals.
 
Candystore said:
Is this not true of everything?

Something is worth what we perceive it to be worth, or the value we attach to it, as individuals or collectively ("the market").
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Most things are not worth something because supply is artificially constrained.
 
Speedster said:
Like oil?
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Another prime example.

I'd argue diamonds have historically been worse because it's really been a single group doing the constraining. At least in oil a bunch of them have to collectively agree.

It's changing though. For diamonds anyway.
 
Candystore said:
I was sad when I saw that. I wonder how much of the diamonds are mined by foreign companies, using local labour, and then taken out of the country.
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These company's provide work, adding value to the local economy.

They also pay tax as well as a % to the Botswana government, of all their finds.

Diamonds are Botswana's biggest income. We're talking billions of $
 
TheMightyQuin said:
These company's provide work, adding value to the local economy.

They also pay tax as well as a % to the Botswana government, of all their finds.

Diamonds are Botswana's biggest income. We're talking billions of $
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Obviously.

If Botswana had the equipment/technology to do this themselves, their benefit would be even bigger.
 
Candystore said:
Obviously.

If Botswana had the equipment/technology to do this themselves, their benefit would be even bigger.
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Or they just realise that not being stupid/selfish leads to more value for everyone. I bet they've got Starlink too.

It's the obsession with doing and keeping everything for itself that keeps Africa poor.
 
Speedster said:
I scanned the X comments on a post about this diamond and there were many similar comments to yours there. Interestingly none of them were from Botswanans (not sure what the correct term for people from Botswana is). Anyway, you might want to take a moment to look at the Botswana political and economic climate. Their per capita GDP is quite a bit higher than ours and their government far more stable. They also don't care about the manufactured outrage regarding race/colonialism and simply focus on building their country.
Click to expand...
Hmmm. Actually looks like a cool holiday spot for hiking, nature, game drives etc.
 
Speedster said:
Or they just realise that not being stupid/selfish leads to more value for everyone. I bet they've got Starlink too.

It's the obsession with doing and keeping everything for itself that keeps Africa poor.
Click to expand...

Happy to see you have it all figured out.
 
Candystore said:
Oh yeah, I believe they are miles ahead of e.g. SA in many aspects. Maybe that is why they have no issue with foreign companies coming in and extracting their minerals.
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The government would of put out to tender for companies to be able to mine for minerals in their country, of which those companies pay a **** ton of taxes and payments to the government.

That government is asking people to come in and use their resources and knowledge to mine effectively, There are also Botswana based companies doing mining in Botswana. (The biggest mining firm in Botswana is actually Botswanan). It is just unfortunate that this large gem was found in a foreign miners mining pit

Botswana must be doing something right as they are the world leaders in diamond mining
 
ISP cash cow said:
The government would of put out to tender for companies to be able to mine for minerals in their country, of which those companies pay a **** ton of taxes and payments to the government.

That government is asking people to come in and use their resources and knowledge to mine effectively, There are also Botswana based companies doing mining in Botswana. (The biggest mining firm in Botswana is actually Botswanan). It is just unfortunate that this large gem was found in a foreign miners mining pit

Botswana must be doing something right as they are the world leaders in diamond mining
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Absolutely.
 
Candystore said:
Obviously.

If Botswana had the equipment/technology to do this themselves, their benefit would be even bigger.
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Why don't they have it...do you think then?

I assume you have done all the math and analysis...cost of operations/startup capital/maintenance vs. ROI and Annuity Income.
 
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