SourcingSep 29, 2023
Lucara Severs Ties With HB Antwerp SourcingOct 02, 2023
De Beers, Botswana One Step Closer to Finalizing Agreement
The two have signed “heads of terms” for the tentative 10-year sales agreement they reached in June.
A file photo of the entrance to Jwaneng, one of the diamond mines De Beers Group operates in partnership with the Government of the Republic of Botswana. De Beers and the Botswana government announced Sunday that they took the next step toward finalizing their new 10-year sales agreement. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—The new sales agreement that continues the 54-year partnership between De Beers Group and the Botswana government for another 10 years is one step closer to being finalized.
In a joint news release issued Sunday, the two said they have signed “heads of terms” for the agreement.
Heads of terms, also known as a letters of intent, are non-binding, pre-sale agreements that outline some of the key points of a deal.
For De Beers and Botswana, the heads of terms provide “additional detail and clarity” to the commercial and operational aspects of the agreement reached in principle earlier this year.
This includes details about the apportionment of Debswana supply, economic arrangements, talent development, beneficiation supply and value chain development, and the “Diamonds for Development Fund,” the fund designed in part to help Botswana grow its economy outside the diamond industry.
A portmanteau of “De Beers” and “Botswana,” Debswana is the joint venture whereby De Beers and Botswana operate diamond mines in the country.
Debswana currently has three active diamond mines, Jwaneng, Orapa, and Letlhakane, and their life expectancies range from 13 years (Jwaneng, 2036) to 20 years (Letlhakane, 2043).
Lefoko Maxwell Moagi, Botswana’s minister of Minerals and Energy, called the heads of terms an “important step forward” in finalizing the new 10-year agreement.
“The new chapter we are embarking on will see more skills development and job creation for Batswana, and more diamond beneficiation locally. As we celebrate our nation’s journey on this 57th Independence Day, this important milestone heralds an exciting new era in Botswana’s development.”
De Beers CEO Al Cook said, “We are very pleased to have signed the heads of terms for an agreement that will deliver large new investments, supporting the country’s development aspirations.
“The agreement also underpins De Beers’ long-term leadership in the diamond industry, securing our equal share in the world’s greatest diamond resources for decades to come.”
Related stories will be right here …
In a joint news release issued Sunday, the two said they have signed “heads of terms” for the agreement.
Heads of terms, also known as a letters of intent, are non-binding, pre-sale agreements that outline some of the key points of a deal.
For De Beers and Botswana, the heads of terms provide “additional detail and clarity” to the commercial and operational aspects of the agreement reached in principle earlier this year.
This includes details about the apportionment of Debswana supply, economic arrangements, talent development, beneficiation supply and value chain development, and the “Diamonds for Development Fund,” the fund designed in part to help Botswana grow its economy outside the diamond industry.
A portmanteau of “De Beers” and “Botswana,” Debswana is the joint venture whereby De Beers and Botswana operate diamond mines in the country.
Debswana currently has three active diamond mines, Jwaneng, Orapa, and Letlhakane, and their life expectancies range from 13 years (Jwaneng, 2036) to 20 years (Letlhakane, 2043).
Lefoko Maxwell Moagi, Botswana’s minister of Minerals and Energy, called the heads of terms an “important step forward” in finalizing the new 10-year agreement.
“The new chapter we are embarking on will see more skills development and job creation for Batswana, and more diamond beneficiation locally. As we celebrate our nation’s journey on this 57th Independence Day, this important milestone heralds an exciting new era in Botswana’s development.”
De Beers CEO Al Cook said, “We are very pleased to have signed the heads of terms for an agreement that will deliver large new investments, supporting the country’s development aspirations.
“The agreement also underpins De Beers’ long-term leadership in the diamond industry, securing our equal share in the world’s greatest diamond resources for decades to come.”
De Beers and the Botswana government reached an agreement in principle on a new 10-year sales contract on June 30 following numerous extensions of the current deal.
Under the terms of the new agreement, De Beers and the government will continue to share Debswana’s rough diamond production until 2033, though Botswana will get more diamonds over time.
The agreement calls for the share of Debswana supply sold through the government-owned Okavango Diamond Company to increase from 25 percent to 30 percent to start, gradually growing to 50 percent by the final year of the contract.
The country’s mining licenses will be extended until 2054.
De Beers and Botswana’s joint announcement regarding the progress of the deal comes shortly after Botswana President Mokgweetsi Masisi noted publicly that the country’s new deal with De Beers was an “agreement in principle” only, not a signed, final contract.
Editors' Picks
Sponsored by
The Latest
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
