Duma Boko, Botswana’s recently inaugurated president, is pressing for a swift resolution in ongoing negotiations with De Beers to establish a renewed diamond sales agreement, as reported by Rough&Polished. Boko’s election victory marks a historic shift, ending the 58-year governance by the previous president Mokgweetsi Masisi’s party.
In a public address, Boko underscored the significance of achieving a mutually beneficial and durable accord with De Beers. He voiced concerns that previous negotiation approaches may have strained the longstanding relationship with the diamond company. “The relationship with De Beers may have been impacted by how talks were conducted,” Boko remarked, highlighting his administration’s commitment to understanding De Beers’ viewpoints to foster a balanced agreement that accommodates both parties. Boko also noted that De Beers had reportedly contemplated exiting the negotiations, describing this potential outcome as “risky” for Botswana.
In 2023, De Beers had agreed to increase Botswana’s share in the Debswana joint venture to 50% over the next decade, a notable shift in their partnership. Currently, 75% of Debswana’s diamond production is allocated to De Beers, with the remaining 25% managed by the state-owned Okavango Diamond Company. Meanwhile, Botswana’s central bank recently revealed that the country’s diamond sales dropped by 52% in the first nine months of 2024.
