Botswana and South African diamond giant De Beers have finalized a new 10-year sales agreement after prolonged negotiations that began in 2019. Under the deal, Botswana’s government will initially be permitted to sell 30% of the rough diamonds mined through their joint venture, increasing to 50% by 2035. This arrangement is expected to help reverse the decline in diamond revenue—from $7 billion annually in the past to $4.2 billion in 2023—amid falling demand for the mineral. The agreement, praised by De Beers CEO Al Cook and welcomed by the World Diamond Council, reflects a renewed commitment to long-term, stable partnerships in the diamond industry. Botswana’s Minister of Minerals, Bogolo Kenewendo, confirmed that the deal will be officially signed before the end of February, with an option for a five-year renewal at its conclusion.
Source: VOA