SourcingJun 01, 2022
Debswana Appoints New Managing DirectorSourcingJul 01, 2022
De Beers, Botswana Extend Sales Agreement for Third Time
The current agreement, originally set to expire in 2020, will now go through June 2023.
The Orapa diamond mine in Botswana. De Beers Group and the government of Botswana just extended their sales agreement for the third time, taking the current contract through June 2023. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—De Beers Group and the Government of the Republic of Botswana have agreed to extend their existing sales agreement for another year, De Beers announced Wednesday.
The current 10-year agreement dates back to Jan. 1, 2011 and dictates that Debswana, the mining company jointly owned by De Beers and the Botswana government, sell 75 percent of its rough diamond output to De Beers, with the remaining 25 percent sold through the Okavango Diamond Company.
The agreement also marked the start of the migration of De Beers’ sales and aggregation operations from London to Gaborone, Botswana.
The agreement originally was set to expire at the end of 2020 but was extended for a year to December 2021 because of travel complications associated with COVID-19.
It was then pushed back again, this time for six months.
In announcing the latest extension, De Beers said it will “enable the finalization of the ongoing discussions,” while noting “further positive progress” toward a new agreement.
The company declined further comment on the extension.
Related stories will be right here …
The current 10-year agreement dates back to Jan. 1, 2011 and dictates that Debswana, the mining company jointly owned by De Beers and the Botswana government, sell 75 percent of its rough diamond output to De Beers, with the remaining 25 percent sold through the Okavango Diamond Company.
The agreement also marked the start of the migration of De Beers’ sales and aggregation operations from London to Gaborone, Botswana.
The agreement originally was set to expire at the end of 2020 but was extended for a year to December 2021 because of travel complications associated with COVID-19.
It was then pushed back again, this time for six months.
In announcing the latest extension, De Beers said it will “enable the finalization of the ongoing discussions,” while noting “further positive progress” toward a new agreement.
The company declined further comment on the extension.
Retail sales of diamond jewelry have been breaking records worldwide since the onset of the pandemic, sending rough diamond sales soaring for De Beers.
The company saw rough diamond sales climb to $4.9 billion in 2021, a 75 percent year-over-year increase.
To date this year, De Beers’ sales are pacing 24 percent ahead of last year amid bullish sentiment coming out of the Las Vegas trade shows, though some analysts say diamond jewelry sales have begun to slow at the consumer level.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
CrimeFeb 02, 2026
Ylang 23’s Dallas Store BurglarizedThe Texas jeweler said its team is “incredibly resilient” and thanked its community for showing support.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
