Jul 17, 2023

De Beers deal will make Botswana global capital of diamonds

Botswana's President Mokgweetsi Masisi says the new De Beers deal will make his country "truly the global capital of diamonds for the first time".

In an interview with Bloomberg TV he welcomed the sales and mining agreements thrashed out two weeks ago.

"We're very happy with the outcome. It could have been better but you know with a partnership you've always got to give as you take," he said.

The agreement will bring more skills, values, jobs and therefore more revenue to Botswana, he said.

The newly-negotiated deal will, over a 10-year period, increase Botswana's share of diamonds to sell from 25 per cent to 50 per cent.

In addition De Beers will invest as much as $750m in the next decade to grow Botswana's diamond industry.

President Masisi had threatened to walk away from his country's 54-year-old agreement with De Beers unless it agreed a fairer share of the diamonds.

Source IDEX Online

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