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
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner Collab on Bridal Earrings GiveawayThe jeweler has partnered with Jenner’s 818 Tequila brand to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
