Botswana, De Beers finalize diamond sales agreement, extend licenses

Botswana and De Beers have finalized a new sales agreement for rough diamonds and extended mining licenses for their joint venture, Debswana, until 2054. This agreement, which aims to increase Botswana's share of diamond production from 25% to 50% over the next decade, is part of a broader effort to enhance the benefits of diamond mining for the country's economy. The deal was initially negotiated in 2023 but was not signed under the former president, Mokgweetsi Masisi. New President Duma Boko expressed optimism about finalizing the agreement shortly after taking office. Both parties reaffirmed their commitment to a sustainable diamond industry, emphasizing responsible mining practices and the economic contributions of diamonds to Botswana. The new arrangements are expected to boost Botswana's marketing strategies for its diamonds amid challenging market conditions.