BOTSWANA WANTS MUCH MORE FROM DE BEERS IN NEXT SALES AGREEMENT
Botswana and De Beers’ negotiations on their next sales agreement, which is expected to be signed after he current agreement runs out in 2020, will face some hurdles, according to a report in IDEX Online. The bulk of Botswana diamonds is mined by Debswana, a 50-50 venture between Botswana and De Beers.
Reportedly, Botswana has set a negotiating team for talks with De Beers, and will demand “to significantly increase its share of independently marketed and sold rough to 30% from the current 15%”. Botswana also wants more involvement in the setting of rough prices, which are currently decided “almost single handedly by De Beers”, according to the report.
Earlier in November, Botswana President Mokgweetsi Masisi said in a diamond conference held in Gaborone: “Through our partnership with De Beers, there has been over the years, increased participation in the diamond pipeline from prospecting through to cutting and polishing. Our historic 2011 sales agreement was instrumental in achieving these milestones. We, however, need to move further up the pipeline to jewelry manufacturing and retail”.