Botswana plans to complete new deal with De Beers by April

De Beers’s headquarters on Charterhouse Street in London. Picture: BLOOMBERG/SIMON DAWSON

An agreement is crucial for both parties. Botswana accounts for more than two-thirds of De Beers’ production, while the country relies on the gems for 90% of its exports and wants to derive as much benefit as possible from its mineral wealth. Botswana already owns 15% of De Beers and has a 50% stake in the Debswana mining company. As part of the existing agreement, De Beers moved diamond sales to Botswana from London, and the government secured the right to to sell 10% of Debswana’s production independently.

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