"For 17 years, she had earned a living cutting and polishing the gems that helped transform Botswana from one of the world's poorest nations into one of Africa's success stories. Diamonds were discovered in 1967, a year after independence, an abrupt change of fortune for the landlocked country. Botswana became the world's top diamond producer by value, and second-largest by volume after Russia. Diamonds are woven into the national identity."
"But Koko lost her job a year ago, joining many others left adrift as Africa's trade in natural diamonds buckles under growing pressure from cheaper lab-grown diamonds mass-produced mainly in China and India. 'I have debts and I don't know how I am going to pay them,' said the mother of two, who had survived on about $300 a month and relied on her employer for medical insurance. It had been a decent situation for a semi-skilled worker."
Koko lost a 17-year career cutting and polishing diamonds, a trade that helped transform Botswana from extreme poverty to relative prosperity. Diamonds discovered in 1967 propelled Botswana to become the world's top diamond producer by value and second-largest by volume, funding health, education and infrastructure while avoiding typical resource curse pitfalls. The industry forms part of national identity and funds public projects. The rise of cheaper lab-grown diamonds mass-produced mainly in China and India has slashed demand for natural stones. The shift has caused widespread job losses, loss of medical benefits and mounting personal debts among workers.
Read at Fortune
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