De Beers and Botswana have reached an agreement in principle to keep selling rough diamonds from Botswana for another decade.
- The new deal is a major victory for Botswana, which has been seeking a better deal from De Beers for years.
- Under the new agreement, Botswana’s state-owned diamond trader will be entitled to a larger share of the output from Debswana, the De Beers unit that generally accounts for about two-thirds of the group’s annual production.
- The new deal also includes new 25-year mining licenses for Debswana.
- The agreement was reached just as the latest deadline for a deal expired.
- The two sides have been negotiating a new deal since 2018.
- The new deal is expected to boost investment in Botswana’s diamond industry.