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

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

The company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.


Tanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.

Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.

Supplier Spotlight Sponsored by GIA

Two scholarships are available, one for new and non-members and another for NAJA certified members.

The retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

Sponsored by the Las Vegas Antique Jewelry and Watch Show

A private American collector purchased the 10-carat fancy vivid blue diamond.

The designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.

Around 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.

The event is also accepting poster submissions now through June 16.

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.

The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.

The donation was the result of the brand’s annual Earth Day Ingot event.

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.