{"id":64461,"date":"2025-03-01T18:47:08","date_gmt":"2025-03-01T18:47:08","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2"},"modified":"2025-03-30T14:56:13","modified_gmt":"2025-03-30T14:56:13","slug":"botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2","title":{"rendered":"Botswana Secures Enhanced 10-Year Diamond Deal with De Beers"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The Botswana government finalized a significant diamond sales agreement with De Beers, marking a pivotal moment for its economy after seven years of negotiations.<\/b><\/p>\n

This new deal enhances the government’s stake in diamond sales through Debswana, the joint venture with De Beers, which is a subsidiary of Anglo American.<\/p>\n

The agreement is expected to bolster Botswana’s economic landscape, as the nation is recognized as the largest producer of diamonds by value and ranks second in volume, following Russia.<\/p>\n

Diamonds play a crucial role in Botswana’s economy, contributing approximately 80% of the country’s exports and accounting for a quarter of its GDP, as reported by the International Monetary Fund.<\/p>\n

However, the recent downturn in diamond prices and demand has severely impacted the economy, becoming a focal point during last year’s national elections.<\/p>\n

The ruling party, which had been in power for 58 years since gaining independence from British rule, was ousted in a surprising election outcome largely driven by public discontent over economic challenges linked to the diamond sector.<\/p>\n

The newly established 10-year sales agreement stipulates that the government will receive a 30% share of Debswana’s sales for the first five years, increasing to 40% in the subsequent five years, with a potential five-year extension that could lead to a 50-50 split.<\/p>\n

In exchange, De Beers has secured a 25-year extension of its mining licenses in Botswana, extending from 2029 to 2054.<\/p>\n

President Duma Boko, who took office following the recent elections, emphasized the importance of this agreement, expressing confidence in its potential to foster a prosperous future for Botswana.<\/p>\n

Over the past ten years, Botswana has been the site of remarkable discoveries, unearthing some of the largest rough diamonds in the world.<\/p>\n

Among these was a stunning 2,492-carat diamond found last year, which stands as the second-largest ever extracted from a mine and the largest in over a century.<\/p>\n

This extraordinary gem was unearthed by the Canadian mining company Lucara, showcasing the rich potential of Botswana’s diamond reserves.<\/p>\n

In 2021, Debswana, a joint venture between the Botswana government and De Beers, made headlines with the discovery of a massive 1,098-carat diamond, marking it as their largest find to date.<\/p>\n

This significant discovery further solidified Botswana’s reputation as a leading player in the global diamond industry, highlighting the country’s geological wealth and the expertise of its mining operations.<\/p>\n

However, despite these impressive finds, the economic landscape for Botswana’s diamond sector has faced challenges.<\/p>\n

In the first nine months of 2024, Debswana reported total sales of $1.53 billion, a stark decline of over 50% compared to $3.19 billion during the same timeframe in 2023, as noted by the Botswana central bank.<\/p>\n

The World Bank has pointed out that Botswana’s heavy dependence on diamond exports has rendered its economy susceptible to fluctuations, emphasizing the need for diversification to ensure long-term stability.<\/p>\n

For More News And Analysis About Botswana<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The Botswana government finalized a significant diamond sales agreement with De Beers, marking a pivotal moment for its economy after seven years of negotiations. This new deal enhances the government’s stake in diamond sales through Debswana, the joint venture with De Beers, which is a subsidiary of Anglo American. The agreement is […]<\/p>\n","protected":false},"author":84,"featured_media":64460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,1075,825],"class_list":["post-64461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-botswana","tag-diamonds","tag-mining"],"yoast_head":"\nBotswana Secures Enhanced 10-Year Diamond Deal with De Beers - Botswana<\/title>\n<meta name=\"description\" content=\"The Botswana government finalized a significant diamond sales agreement with De Beers, marking a pivotal moment for i ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Botswana Secures Enhanced 10-Year Diamond Deal with De Beers\" \/>\n<meta property=\"og:description\" content=\"The Botswana government finalized a significant diamond sales agreement with De Beers, marking a pivotal moment for i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-01T18:47:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-30T14:56:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2025\/03\/sm_1740842972.388669.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"538\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Botswana Secures Enhanced 10-Year Diamond Deal with De Beers\",\"datePublished\":\"2025-03-01T18:47:08+00:00\",\"dateModified\":\"2025-03-30T14:56:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2\"},\"wordCount\":488,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2025\/03\/sm_1740842972.388669.jpg\",\"keywords\":[\"Botswana\",\"Diamonds\",\"Mining\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/botswana-secures-enhanced-10-year-diamond-deal-with-de-beers-2\",\"name\":\"Botswana Secures Enhanced 10-Year Diamond Deal with De Beers - 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