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Botswana to increase its support of natural diamond marketing:De Beers CFO

As part of Botswana’s new agreement with De Beers, the country has agreed to increase its support of natural diamond marketing, De Beers chief financial officer Sarah Kuijlaars said.

The new deal calls for state-owned Okavango Diamond Company (ODC) to sell more diamonds mined by Debswana, the jointly-owned mining company. That number will eventually hit 50% of production within 10 years. (It currently sells 25%.)

With that will come “increased responsibilities for ODC, in the space of beneficiation and marketing support for the overall industry,” Kuijlaars says.

While she couldn’t share the specific amount ODC will contribute to marketing, it will be released when the full contract is sent for approval to the shareholders of De Beers parent company Anglo American, she says. Just don’t expect that to happen soon.

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