04 Feb 2025

The conclusion of negotiations between government and De Beers will bring some level of stability and rebuild confidence in the diamond industry.

The statement was made by Minister of Minerals and Energy, Ms Bogolo Kenewendo yesterday during a joint press briefing with De Beers chief executive officer, Mr Al Cook on the side lines of Mining Indaba held in Cape Town, South Africa.

Government of Botswana and De Beers on Monday released a joint statement stating that the two parties had concluded negotiations focusing on establishing a new sales agreement for Debswana’s rough diamond production as well as extending Debswana’s mining licences beyond 2029.

Minister Kenewendo said  government looked forward to continued partnership with De Beers.

For his part, Mr Cook said De Beers has had successful negotiations with successful governments which had turned minerals into incredible wealth.

“We are announcing today conclusion of the negotiations as an extension of those partnerships that have lasted more than 50 years.

I believe this is the greatest Public Private Partnership on earth and is an incredible source of pride to now set out the future of this incredible country,” he said.

He said there were a couple of aspects which made them proud, amongst them the establishment of the Diamond Development Programme under which De Beers would contribute P1 billion towards the development of the country.

He further said under the new agreement, government and De Beers would work together on the marketing of diamonds.

Mr Cook praised government for concluding the new deal in its first 100 days of office.

The Diamond Hub coordinator, Mr Jacob Thamage said in an interview that all that was left was for the two parties to sign the new agreement.

Under the new deal, Okavango Diamond Company (ODC), the government’s entity, would receive 50 per cent of Debswana production. ENDS