Botswana and De Beers Seal 10-year Diamond Sales Deal
Botswana and South African diamond giant De Beers have completed a new 10-year sales deal after extending the extension negotiations that began in 2019. Under the deal, the Botswana government will initially be allowed to sell 30% to 50% of rough diamonds mined through its joint ventures. Such arrangements are expected to help reverse the decline in diamond revenue, from $7 billion in the past to $4.2 billion in 2023, a decline in demand for minerals. The agreement was praised by Derbils CEO Al Cook and welcomed by the World Diamond Council, reflecting a renewed commitment to the diamond industry’s long-term, stable partnership. Botswana Mining Minister Bogolo Kenewendo confirmed that the deal will be officially signed by the end of February and will choose to renew for five years at the end of it.
source: voa
