In Africa, the diamond industry has become more about helping the development of countries and less about making a profit. The revenues from diamonds is helping build a stronger economy, increase educational improvements, and help improve healthcare. Since diamonds were discovered in Botswana in 1966, the country’s GDP annual growth rate has averaged 7%. The diamond industry has been especially helpful to previously war-torn countries such as Liberia.
Furthermore, unlike western nations, African countries do not offer free education. Many children are forced to work because their families cannot afford education, and even those who can, might end up in poorly equipped schools. However, in countries participating in the diamond trade, the revenues from this industry has helped fund education. Lastly, diamonds have funded, and continue to fund, public healthcare in Africa. DiamondFacts provides more facts on the way diamond revenues are used. This is extremely important for countries in that region because of the high child mortality rate and the HIV/AIDS crisis.
The diamond industry is essential for African countries because maximizing natural resources, providing good education and healthcare is necessary for a better African future.