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
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful ShowThe month’s birthstones, tourmaline and opal, complement the palette of autumn.
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-ReflectionSmith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
