Rafael Papismedov, co-founder and Managing Partner of HB Antwerp Botswana says the election of President Duma Boko marks a pivotal moment for Botswana’s diamond sector.
HB Antwerp plans to closely monitor changes under the new administration but underscored the importance of creating a positive, long-term impact on the communities where they operate.
“In Botswana, this means not only providing economic opportunities through job creation but also ensuring our business contributes to sustainable development and the responsible sourcing of diamonds,” Papismedov explains.
“Regardless of political changes, our focus will continue to be on building relationships that benefit local communities, support local economies, and foster long-term growth for the diamond sector in the region,” he adds.
In light of potential shifts in government policy, Papismedov says HB Antwerp sees itself as an integral part of the broader community and economic landscape. Since entering the market, the company has focused on providing local employment opportunities, including roles in diamond cutting, processing, and technology-driven fields.
“We believe in empowering local communities and investing in people because long-term growth and prosperity come from developing human capital,” he elaborates.
When asked about the possibility of the new government deciding not to proceed with a deal involving HB Antwerp, Papismedov asserts that their commitment to Botswana is not dependent on any single agreement.
“We are not just a business; we are a partner to the region’s development. We have already created hundreds of jobs through our cutting-edge technology and manufacturing operations, and we are working to create even more roles in the coming years,” he notes.
He highlights that HB Antwerp’s goal is to build a sustainable business model that empowers local workers, invests in education and training, and drives economic growth in the region. This includes partnerships with companies such as Lucara and Debswana.
Concerns have been raised about the ethics of HB Antwerp’s operations, particularly regarding transparency. Papismedov emphasises the company’s commitment to the highest standards.
“Our use of blockchain technology ensures that each diamond we process is fully traceable, and we have implemented rigorous ethical sourcing standards in all our operations,” he explains.
“But beyond transparency, we are deeply committed to making a tangible, positive impact on local communities. Through our partnerships, we provide educational opportunities, skill development programs, and fair wages to workers, all of which contribute to the economic vitality of the region.”
Papismedov understands that skepticism is natural when new players enter an industry historically dominated by a few large companies. However, the co-founder said their primary mission at HB Antwerp is to bring tangible benefits to the communities where they operate.
“We have already created hundreds of local jobs, and our commitment goes beyond employment—we are investing in skills development and infrastructure.”
He adds that the company works closely with local governments and communities to ensure their operations align with long-term development goals.
“Change often comes with challenges, especially when it disrupts entrenched interests. But our focus remains on job creation, local empowerment, and economic growth,” he affirms.
There are claims that HB Antwerp’s business model disrupts the established order in the diamond sector, particularly companies like De Beers. Papismedov acknowledges that some challenges may stem from the disruptive nature of their approach.
“As a new entrant, we are shaking up an industry traditionally dominated by a few large players. While disruption can create resistance, we believe what we are doing is essential for the future of the diamond industry,” he says.
He highlights that their focus is on creating opportunities for local communities, improving the traceability and sustainability of the diamond supply chain, and offering a fair and ethical alternative to the status quo.
“The benefits we bring to Southern Africa—through job creation, skills development, and sustainable practices—speak for themselves. We remain confident that the positive impact we are having on the ground will ultimately outweigh any unfounded criticisms,” Papismedov responds.
Reports have also suggested that HB Antwerp’s leadership, particularly Papismedov and Shai De Toledo, had close ties with former President Mokgweetsi Masisi and attempted to secure a government stake in the company. However, this deal was never finalised by Masisi. With the election of President Boko, concerns have grown that the deal may not proceed.
Addressing these concerns, Papismedov clarifies that HB Antwerp’s engagement with the Botswana government has always been based on mutual respect, transparency, and a commitment to long-term partnerships that benefit both the company and the people of Botswana.
He acknowledges discussions with Masisi’s administration about a potential government stake but notes that changes in political dynamics can result in delays or shifts in direction.
“With the election of President Boko, we are aware that there could be a shift in policy, and we are prepared for that. However, the core values of our business—transparency, sustainability, and responsible growth—align with the goals of the new administration. We are hopeful we can continue fostering a strong partnership with Botswana,” he avers.
He also dismisses any suggestion of corruption as “completely unfounded,” emphasising that HB Antwerp operates with the highest ethical standards and complies with local and international laws.
“We have built our reputation on transparency, and we have always been committed to conducting our business in ways that benefit local communities and contribute to economic development,” Papismedov states.
Despite political transitions, HB Antwerp remains optimistic about collaborating with the new administration.
“Our focus is on delivering long-term value to Botswana, not just in mining and processing but also in job creation, skills development, and infrastructure,” Papismedov says.
“We are confident that open communication and mutual respect will enable us to work together with the new leadership to achieve these goals.”
He adds, “Botswana’s future remains bright, and so does our potential role in it. We are committed to working with whichever administration is in power to create a thriving diamond sector that benefits everyone. Our strategy has always been to build lasting relationships beyond any one deal, and we are prepared to continue those efforts, even if the process takes time.”
Papismedov concludes by emphasising HB Antwerp’s vision for the diamond industry—a vision that prioritises transparency, sustainability, and community empowerment.
“At HB Antwerp, we are committed to leading the way in making the diamond supply chain more responsible and accountable. Botswana is key to this transformation, and we will continue focusing on creating high-quality jobs, building long-term partnerships with local communities, and ensuring the benefits of diamond mining and manufacturing stay within the region,” he asserts.
