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
More on Sourcing
The Latest
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
