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 trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.

Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.

Jewelry industry veteran Alisa Bunger has taken on the role.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.


The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.

The line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.

The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.