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.
More on Sourcing
The Latest
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
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.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
