EditorsJun 23, 2023
Lightbox Is Now Selling Engagement Rings, and Nobody Should Be SurprisedSourcingJul 03, 2023
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.
This file photos shows the entrance to Jwaneng in Botswana, one of three active diamond mines in the country. De Beers Group announced over the weekend that it has reached a new agreement with the Botswana government regarding the sale and mining of diamonds in the country. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—De Beers Group and the government of Botswana have reached a new sales agreement after numerous extensions of the current contract and much speculation over the future of their 54-year partnership.
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.”
Related stories will be right here …
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.
More on Sourcing
The Latest
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
