London, UK – In a historic move to secure the future of Botswana’s diamond industry, the Government of Botswana and De Beers Group have formalized a new partnership agreement. The landmark deal, which extends one of the world’s most significant public-private partnerships, will see Botswana and De Beers strengthen their 50:50 Debswana mining joint venture for the next 25 years.

Following negotiations concluded on February 3, 2025, the agreement comprises a 10-year Sales Agreement for Debswana’s rough diamond production, with an option for a five-year extension, and a 25-year extension of Debswana’s mining licences from 2029 to 2054. This long-term commitment is expected to reinforce Botswana’s position as a global diamond powerhouse and contribute to the country’s economic diversification efforts.

Botswana’s Minister of Minerals and Energy, Honourable Bogolo Joy Kenewendo, described the agreement as a transformative step for the nation’s diamond sector. “We are proud to announce this landmark 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 stability and rebuild market confidence in the diamond industry,” she said.

Al Cook, Chief Executive Officer of De Beers Group, emphasized the significance of the agreement, calling it “groundbreaking.” He highlighted De Beers’ commitment to ensuring Botswana’s diamond resources continue to benefit its people for decades. “This is the greatest public-private partnership in the world, and now we are extending and improving it. Through the Diamonds for Development Fund, we will further transform opportunities for the people of the world’s leading diamond country.”

Key Highlights of the Agreement

• Mining Licence Extension: The agreement grants a 25-year extension of the Debswana mining licences, allowing for continued development of Botswana’s diamond resources through projects such as Jwaneng Cut-9, Jwaneng Underground, and Orapa Cut-3.
• Sales Agreement: Under the 10-year Sales Agreement, Okavango Diamond Company (ODC), the Government of Botswana’s rough diamond sales entity, will sell 30% of Debswana’s production, while De Beers will sell the remaining 70% for the first five years. In the subsequent five-year extension, both parties will split the sales at 50% each.
• Local Beneficiation and Economic Growth: De Beers has committed to significant investments in Botswana’s diamond beneficiation sector, including a new diamond jewellery manufacturing facility, the establishment of a De Beers Institute of Diamonds grading laboratory, and the launch of a diamond vocational training institute in partnership with industry players.
• Marketing and Industry Confidence: Botswana and De Beers will co-invest in marketing initiatives to drive global diamond demand and ensure the ethical integrity of Botswana’s diamonds, fostering trust among consumers.

The partnership aligns with Botswana’s Vision 2036 and National Development Plan, which prioritize economic diversification and job creation. As part of this initiative, De Beers will contribute an upfront investment of BWP 1 billion (approximately USD 75 million) to the Diamonds for Development Fund, with additional contributions from Debswana’s dividends.

Botswana, recognized as the world’s top diamond producer by value, has built a strong reputation for its responsible diamond mining and management. The government’s commitment to reinvesting diamond revenue into socio-economic development has solidified its standing as a premier destination for mining investment.

This agreement marks a new era for Botswana’s diamond industry, ensuring long-term value creation, industry sustainability, and continued economic benefits for the country’s citizens.