Botswana Finalizes Landmark Diamond Deal with De Beers. Botswana’s President Duma Boko has confirmed that the country has reached a final agreement with global diamond giant De Beers on a long-awaited diamond extraction and sales deal. According to Mining.com, the agreement was concluded by midnight on January 24, 2025, following extensive negotiations between Botswana’s government and De Beers, a subsidiary of Anglo American.
This deal is seen as a major milestone for Botswana, a country that has long relied on its diamond industry as a key driver of economic growth. De Beers and Botswana have shared a strong partnership for decades, with the southern African nation playing a significant role in global diamond production.
As reported by Reuters, President Boko, who took office in November 2024, had previously indicated that the negotiations were in their final stages, with only minor details left to be resolved. The successful conclusion of the deal is expected to provide long-term benefits for Botswana’s diamond industry and its broader economy.
While specific details of the agreement have not yet been disclosed, Rapaport News noted that the deal is expected to ensure a greater share of diamond revenues for Botswana while maintaining De Beers’ presence in the country. This follows growing calls from Botswana’s leadership in recent years to secure better terms for the nation in diamond extraction and sales agreements
Botswana has been working to diversify its economy beyond diamonds, but the industry remains a cornerstone of the country’s financial stability. The new deal with De Beers is expected to reinforce Botswana’s status as a leading player in the global diamond market while also advancing efforts to maximize local benefits from its resources.
An official announcement with full details of the agreement is expected in the coming days.
