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
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
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.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
