De Beers and Botswana Sign 10-Year Sales Pact

It’s finally official: De Beers Group and the government of the Republic of Botswana signed new contracts on Tuesday in Gaborone, the capital of Botswana.

In addition to their new 10-year sales agreement, which may be extended another five years, De Beers and Botswana formalized a 25-year extension of the mining licenses (from 2029 through 2054) for Debswana, their 50/50 joint venture that operates the Jwaneng and Orapa diamond mines in Botswana.

“We are delighted that this extraordinary diamond partnership is secured for decades to come, affirming De Beers’ leadership position and providing reassurance across the entire diamond value chain,” Duncan Wanblad, chief executive of De Beers parent Anglo American, said in a statement announcing the deals.

At the signing ceremony, Botswana president Duma Boko, who took office in November, said: “We have us a good deal, and we trust that it will carry us into the future. To the people of Botswana, this partnership…is about you.”

The new pacts, signed after six years of contract talks, align with terms that De Beers and the Botswana government agreed to in September 2023. The two parties had announced on Feb. 3 that they had reached “the successful conclusion of negotiations.”

“These agreements provide long-term stability for both partners as they work together to support the rough diamond market’s recovery from a period of challenging trading conditions,” Wanblad said in the statement released today. “The certainty provided also forms a critical step towards De Beers’ next chapter as an independent company and as the world’s most iconic diamond business.”

Anglo American put De Beers up for sale last year. Earlier this month it wrote down De Beers’ value by $2.9 billion, due to “prevailing diamond market conditions.” Anglo also had written down De Beers’ value in 2024, by $1.6 billion. It now values the diamond giant at $4.1 billion.