Events & AwardsMar 12, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonSourcingFeb 26, 2025
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.
Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo, right, shakes hands with De Beers Group CEO Al Cook Tuesday at the official signing of the new 10-year sales agreement between the diamond miner and marketer and the Botswana government. (Photo courtesy of De Beers Group)
Gaborone, Botswana—The new agreements between De Beers Group and the government of Botswana regarding the future of the country’s diamond production are now official.
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.
Related stories will be right here …
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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
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.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
