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Botswana and De Beers Still Fine-Tuning Diamond Sale Agreement

A ten-year sales agreement ended in December 2020
Diamond Mine Orapa Botswana
Credit: Debswana

De Beers and Botswana are still negotiating on “finer” details of “a long overdue new diamond-sales deal,” IDEX Online reports. The report quotes Botswana’s President Mokgweetsi Masisi, who told Bloomberg in an interview: “We are just fine-tuning, but we will strike a deal.”

 

A ten-year sales agreement ended in December 2020, was extended to June 2022, and recently extended again to June 2023. Under the current deal, the country receives “15% of the total Debswana output for sale by the state-owned Okavango Diamond Company.” Debswana is a 50/50 joint venture between De Beers and the Botswana government. 

 

According to Masisi, Botswana “wants adjustments in the terms of the joint venture, coupled with the additional investment in the local diamond polishing and cutting industry to create more jobs and grow the economy.”

 

Diamond Mine Botswana Debswana
Credit: Debswana
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