Policies & IssuesNov 27, 2024
G7 Announces Botswana as Second Verification ‘Node’ for Rough DiamondsSourcingFeb 04, 2025
New Deal With Botswana Is Done, De Beers Confirms
The agreement will allocate an increasing proportion of the country’s rough diamonds to the government of Botswana over the next decade.
Trucks at work at Orapa, one of Botswana’s diamond mines. De Beers Group and the Government of the Republic of Botswana have come to an agreement on how they will divvy up the country’s diamond production for the next decade and are close to signing a new deal, De Beers said Monday. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—De Beers Group and the Botswana government have concluded negotiations on a new 10-year deal, ending a few years of back-and-forth that included a changing of the guard in Botswana.
De Beers and Botswana first announced they had reached a new sales agreement in July 2023.
Under the terms of the agreement as initially announced, the share of rough diamonds mined by Debswana, the mining company operated jointly by De Beers and the Botswana government, sold through the Botswana’s Okavango Diamond Company (ODC), will increase from 25 percent to 30 percent to start.
Over time, ODC’s share of supply will gradually increase, hitting 50 percent by the final year of the contract, 2035.
The deal also includes the extension of Debswana’s mining licenses beyond 2029, and De Beers contributing to the “Diamonds for Development Fund,” which is designed to help Botswana diversify its economy.
On Monday, De Beers said the terms of the deal it ultimately reached with the government of Botswana are “substantively the same” as what was agreed to and communicated in 2023.
De Beers and Botswana first announced they had reached a new sales agreement in July 2023.
Under the terms of the agreement as initially announced, the share of rough diamonds mined by Debswana, the mining company operated jointly by De Beers and the Botswana government, sold through the Botswana’s Okavango Diamond Company (ODC), will increase from 25 percent to 30 percent to start.
Over time, ODC’s share of supply will gradually increase, hitting 50 percent by the final year of the contract, 2035.
The deal also includes the extension of Debswana’s mining licenses beyond 2029, and De Beers contributing to the “Diamonds for Development Fund,” which is designed to help Botswana diversify its economy.
On Monday, De Beers said the terms of the deal it ultimately reached with the government of Botswana are “substantively the same” as what was agreed to and communicated in 2023.
Debswana has three active diamond mines: Jwaneng, Orapa, and Letlhakane. The company’s fourth mine, Damtshaa, is on care and maintenance.
According to the Ore Reserves and Mineral Resource Report published last March by De Beers parent company Anglo American, Orapa is expected to remain operational through 2037, while Letlhakane is expected to produce through 2043.
Jwaneng, the world’s richest diamond mine by value, currently is expected to run dry by the end of 2036, though Debswana is looking to transition to underground operations at the mine, a move that would extend its life until at least 2050.
The new agreement between De Beers and the Botswana government replaces the current 10-year sales agreement that went into effect on Jan. 1, 2011.
That agreement has been extended multiple times, first because of the pandemic and then because of what De Beers described as “ongoing discussions” with Botswana’s leadership, including then-President Mokgweetsi Masisi.
In late October 2024, Masisi suffered a stunning defeat in the presidential election, with young people dissatisfied with the state of the country’s economy voting him out of office in favor of opposition leader Duma Boko.
Right after he was elected, Boko spoke publicly about the importance of finalizing the deal with De Beers.
De Beers said until the new sales and mining license agreements are signed, the terms of the current agreement will remain in effect.
Commenting on the end of negotiations, the company’s CEO Al Cook said, “Today’s news is important for De Beers and Botswana, and it will also underpin the global diamond industry.
“These agreements will allow us to work together to grow desire for beautiful, ethical, natural diamonds.”
More on Sourcing
The Latest
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
