41–45 of 45 posts
We have reached levels of unfathomable wealth. >Last week, Hong Kong billionaire Joseph Lau paid 48.6 million Swiss francs ($48.4 million) at Sotheby’s in Geneva for a 12.03-carat blue diamond, the most spent on a jewel at auction. A day earlier, he paid 28.7 million francs for a 16.08-carat pink diamond. Both purchases were for his 7 year-old daughter, his office said.
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Right you are... The people of Botswana don't even rate a mention in the article, they're likely not going to see a single dime of the proceeds which will be in the many tens of millions of US$.
Botswana is an upper-middle-income economy with a freer press and lower corruption than a number of European countries. Their level of corruption is slightly worse than that of France, and way better than most South or East European country (source: https://www.transparency.org/country/#BWA ; http://www.heritage.org/index/country/botswana ). Also, they are one of the largest producers of rough diamonds in the world,…
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Because it is value extracted, not value added, and because the receivers of the majority of that value are in a position to extract that value by virtue of having historically exploited Botswana. So the larger part of the value will be removed from the country rather than that it will become part of the local economy it will become part of our economy.
That could be, but for the jobs, transportation, development and taxes they pay, right? The benefit to Botswana is somewhat diminished by having the diamond shipped overseas. But lets be honest: there is no real industrial/commercial value to this diamond at all; it is simply a trophy.
Agreed that it is mostly a trophy.
Earlier quoted context omitted.
Right you are... The people of Botswana don't even rate a mention in the article, they're likely not going to see a single dime of the proceeds which will be in the many tens of millions of US$.
Botswana is an upper-middle-income economy with a freer press and lower corruption than a number of European countries. Their level of corruption is slightly worse than that of France, and way better than most South or East European country (source: https://www.transparency.org/country/#BWA ; http://www.heritage.org/index/country/botswana ). Also, they are one of the largest producers of rough diamonds in the world,…