The coming months are critical. If Botswana secures a deal that gives it control over independent sales and a higher percentage of rough stones, it will set a new precedent for global resource nationalism. If it caves, the "gold standard" might start to look a little tarnished.
In return, De Beers received the security it craved: a 25-year extension on mining licenses, ensuring it retains access to the richest diamond seams on the planet without major disruption until the mid-century.
But on the dusty streets of Jwaneng, home to the richest diamond mine in the world by value, the sentiment is different. Miners complain that while executives fly in private jets, local polishers earn less than $200 a month. Meanwhile, De Beers reported $6 billion in rough diamond sales last year—but Botswana’s share of downstream profits remains negligible.
Policy options Botswana could pursue to capture more value The coming months are critical
However, critics argue that the economic benefits of this move have not trickled down as expected. While the diamonds are now sorted in Gaborone, the most lucrative parts of the diamond pipeline—cutting, polishing, and jewelry manufacturing—remain largely elsewhere. Furthermore, the sheer volume of diamonds moving through Botswana has not translated into a corresponding diversification of the local economy.
Under the previous long-term agreements, De Beers held the lion's share of the "marketing" power. While Botswana owned half the mines, the majority of the rough stones were sold through De Beers' global distribution network. The New Deal: Progress or Posturing?
This public link is valid for 7 days and shares a thread, including any personal information you added. This link or copies made by others cannot be deleted. If you share with third parties, their policies apply. Can’t copy the link right now. Try again later. In return, De Beers received the security it
Historically, De Beers mined the rough diamonds in Botswana and shipped them to London, where they were sorted, aggregated, and sold to manufacturers. The high-value activities—sorting, cutting, polishing, and retail—happened elsewhere, keeping the bulk of the economic profit outside Botswana’s borders.
The diamond industry has also had a significant impact on the people of Botswana. The industry has created jobs and generated revenue, but it has also been criticized for its treatment of workers and its impact on local communities.
Boko wasted no time, declaring a health emergency as the crisis led to medicine shortages and social tensions. He also moved aggressively to finalize a new sales agreement with De Beers, which was signed in February 2025. The 10-year deal gives Botswana a 30% share of Debswana's output in the first five years, rising to 40% in the second five-year term, with an option for a 50/50 split after a potential extension. In return, De Beers received a 25-year extension of its mining licenses for Debswana, securing its position until 2054. Meanwhile, De Beers reported $6 billion in rough
Today, De Beers is the largest diamond mining company in Botswana, with a portfolio of mines that include Orapa, Jwaneng, and Venetia. The company's operations in Botswana account for a significant portion of the country's diamond production, and it is estimated that diamonds make up around 80% of Botswana's total exports.
The partnership was forged in the late 1960s by Botswana’s founding President, Sir Seretse Khama, and De Beers chairman Harry Oppenheimer. At the time, Botswana was dirt-poor, and De Beers was the absolute monarch of global diamonds. Khama offered a deal: De Beers could mine, but Botswana would get 50% of the profits.
user wants a long article on whether Botswana is getting a raw deal from De Beers. The keyword suggests a focus on recent news. I need to gather current information, including the latest sales agreement negotiations, revenue data, economic impact, historical context, and critiques. I'll start with a broad search. search results provide a good starting point. I see articles about Botswana pushing for control of De Beers, a new sales agreement, and the economic impact. I need to open several of these to get detailed information. have gathered a substantial amount of information. Now I need to search for critical analyses or reports that might argue Botswana is getting a raw deal. I'll also look for more on the economic crisis, diversification efforts, and the 2024 election. I have a good range of sources. I'll organize the article to cover the historical partnership, the recent sales agreement, economic dependence, the proposed De Beers acquisition, and the push for beneficiation. I'll also include diverse perspectives, including criticism and warnings from the IMF. The article will be structured with an introduction, several sections, and a conclusion.swana's story is one of the most remarkable on the African continent. Rising from one of the poorest nations at its independence in 1966 to an upper-middle-income country, its transformation has been largely fueled by diamonds. The partnership with mining giant De Beers, forged over half a century, turned this arid land into Africa's longest-running economic success story. However, in the face of a brutal global market slump, collapsing revenues, and a changing of the political guard, a critical question is being debated across the nation and the world: