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.”
More on Sourcing
The Latest
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
FinancialsMay 22, 2026
Richemont’s Jewelry Brands Lead the Charge in Q4The company’s jewelry sales were up in Q4 and the fiscal year, with Richemont raising prices in part because of the cost of gold.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
