De Beers, Botswana Reach New Sales Agreement
The agreement sees more rough diamonds going to Botswana and the development of a fund to help the country further diversify its economy.

The two parties came to terms late Friday and De Beers announced details of the agreement Saturday.
The new sales agreement for the country’s rough diamond production extends through to 2033 while the mining licenses for Debswana, the mining company operated jointly by De Beers and the government, are good for 25 years, to 2054.
Under the terms of the new agreement, the share of Debswana supply sold through the government-owned Okavango Diamond Company (ODC), increases from 25 percent to 30 percent to start.
Over time, ODC’s share of supply will grow gradually, hitting 50 percent by the final year of the contract.
In an interview Monday morning, De Beers Executive Vice President Paul Rowley said the new agreement comes after years of negotiation—negotiations that were interrupted by the COVID-19 pandemic—and continues the precedent set when the current agreement was signed 13 years ago.
That agreement, which took effect Jan. 1, 2011, created ODC and dictated that diamond aggregation and sales would move from London to Gaborone, Botswana.
ODC’s share of the rough diamonds increased over time under that agreement too, from 10 percent to the 25 percent reached by the end of the contract.
Rowley said in hashing out this new contract, De Beers and the Botswana government were “very keen” to see the country move down the value chain and to create a “win-win situation” for both parties.
And, he noted, “that’s exactly where we landed.”
The agreement also includes De Beers contributing to a newly created fund to help Botswana diversify its economy and create jobs outside the diamond industry, the country’s largest private employer.
Botswana has three active diamond mines, Jwaneng, Orapa and Letlhakane.
Their current life expectancy ranges from 13 years (Jwaneng, 2036) to 20 years (Letlhakane, 2043), though that could change if any extension projects are approved. (A fourth mine in the country, Damtshaa, is on extended care and maintenance.)
Under the new agreement, De Beers will invest $75 million upfront and contribute as much as $750 million over the next 10 years to the “Diamonds for Development Fund,” a fund designed to help Botswana grow its economy and create more jobs in the diamond industry as well as in other sectors, with a focus on supporting the growth of a “knowledge-based economy.”
“That’s not new, to be fair,” Rowley said Monday.
He said De Beers has been looking at ways to help Botswana diversify its economy for many years, including through supporting entrepreneurship—particularly women-owned businesses—investing money in tourism and protecting the Okavango Delta, and supporting the development of “green” energy.
The deal reached last week is an agreement in principle. The terms of the current sales and mining agreements, which technically expired Friday, will remain in place as the two parties work out the implementation of the new contract.
Rowley said they expect to have it finalized in late 2023 or early 2024.
The Latest

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.


The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Longtime LVMH executive Michael Burke has stepped into the role.

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

Sponsored by Rio Grande Jewelry Supply

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.

Diamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.

The “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.

Luxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.

Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.

It follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.

In its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.

The announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.

Police officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.

The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.

Sponsored by the Gemological Institute of America

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

The West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.

This past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.