De Beers, Botswana Make New Diamond Sales Deal Official
The formal signing of the agreement comes nearly two years after De Beers and Botswana initially announced they had reached a new deal.

On Tuesday, executives from De Beers and officials from the government signed formal agreements for a new 10-year sales agreement (which includes a possible 5-year extension) as well as a 25-year extension of the country’s mining licenses, De Beers announced.
The signing took place in Gaborone, Botswana’s capital.
Botswana’s Minster of Minerals and Energy Bogolo Joy Kenewendo said, “We are proud to announce the signing of this landmark new agreement, which will underpin the success of our diamond industry as we enter an exciting new phase of Botswana’s sustainable economic development.
“We hope that these agreements will bring some level of stability and rebuild market confidence in the diamond industry.”
Under the terms of the new 10-year sales agreement, the percentage of diamond production allotted to Botswana’s government-run Okavango Diamond Company (ODC) will gradually increase over time.
For the first five years, ODC will sell 30 percent of Debswana’s production while De Beers will sell 70 percent. Debswana is the 50-50 joint mining venture between De Beers and Botswana.
The split will shift to 40 percent for ODC and 60 percent for De Beers in the second five-year. If the sales deal is extended another five years, the split will become 50-50.
A De Beers spokesperson said Wednesday that the extension of the agreement is dependent upon specific criteria that have not been shared publicly but involve increasing Botswana’s participation in the diamond industry.
“We have every confidence that we will deliver on the criteria for extension,” the spokesperson said.
Also formally signed on Tuesday was a 25-year extension of the Debswana mining licenses that will begin in August 2029 and extend to July 2054.
Debswana has three active diamond mines: Jwaneng, Orapa, and Letlhakane. The company’s fourth mine, Damtshaa, is on care and maintenance.
De Beers said the extension of the mines’ licenses will enable Debswana to “deliver long-term value from its existing mining assets” as well as from any projects that will increase the life of the mines, including the underground expansion at Jwaneng.
Going underground at Jwaneng, the world’s richest diamond mine by value, would extend the mine’s life from 2036 to at least 2050.
The new agreements also include the creation of the Diamonds for Development Fund to support economic diversification in Botswana.
De Beers has committed to investing $75 million in the fund up front, with further annual contributions from Debswana.
The company also will invest in beneficiation initiatives, including investing in a new diamond jewelry manufacturing plant, opening a De Beers Institute of Diamonds grading laboratory, and starting a diamond vocational training institute in Botswana.
In addition, both the Botswana government and De Beers plan to put money into marketing to boost demand for natural diamonds, which is lagging in the face of decreased demand in China and competition from lab-grown diamonds.
De Beers and Botswana first announced they had reached a new agreement in July 2023 after extending the previous 10-year sales agreement, which dated back to January 2011, several times.
Earlier this month, De Beers confirmed the new deal with Botswana was done but had not yet been signed.
Following the formal signing on Tuesday, De Beers Group CEO Al Cook said, “These are groundbreaking agreements. The half-century partnership between the Government of Botswana and De Beers is considered the greatest public-private partnership in the world. Now we are both extending and improving it.
“For De Beers, it is a privilege to secure our ongoing participation in the world’s greatest diamond resources for decades to come. I am also extremely proud that through the Diamonds for Development Fund, we can further transform opportunities for the people of the world’s leading diamond country.”
The Latest

The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.

Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.

Its investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Nicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.


Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.

Longtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Model Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.

Three winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.

JD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.

The new inventory, all untreated, features vibrant hues and unique bicolor combinations.

Acquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.

President Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.

The “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.

Columnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.

Peter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.

The retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.

The Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.

Associate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.

The company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.

The organization has raised more than $1.3 million for charity since its inception.

The brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.

The first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.

The catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.

The company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.

An additional 25 percent tariff has been added to the previously announced 25 percent.