President Duma Boko has revealed that the highly anticipated deal between Botswana and De Beers is nearing finalization. Speaking at the Facets 2024 conference in Antwerp, Belgium, President Boko assured stakeholders that the two parties are optimistic about renewing their critical 10-year partnership.
Progress Toward Agreement
The negotiation, which has been a focal point of Botswana’s diamond industry, reached a preliminary breakthrough in July 2023. This milestone came after protracted talks, with former President Mokgweetsi Masisi having repeatedly threatened to abandon the negotiations if Botswana’s interests were not adequately addressed.
The preliminary agreement resulted in the signing of heads of term, setting the framework for the deal. However, the final contract remains under discussion, with both sides working diligently to resolve outstanding issues.
A Renewed Partnership
President Boko emphasized the significance of the deal, describing it as a cornerstone of Botswana’s economic strategy. “This agreement will solidify our partnership with De Beers, ensuring mutual benefits for both parties and the continued growth of Botswana’s diamond industry,” he stated.
Botswana, which supplies approximately 70% of De Beers’ diamonds, has been seeking a more equitable share of the proceeds from the lucrative industry. The deal is expected to address key issues such as profit-sharing, local beneficiation, and broader economic empowerment.
Historical Context
The negotiations have been closely watched both within Botswana and internationally. The country’s diamond industry is a major driver of its economy, and its partnership with De Beers is viewed as a model of public-private collaboration. However, recent years have seen growing calls for greater transparency and a fairer distribution of the industry’s wealth.
The preliminary agreement reached in 2023 marked a significant step forward, signaling both parties’ commitment to preserving their long-standing relationship while addressing evolving economic priorities.
While no specific timeline was given, President Boko’s remarks suggest that the deal’s conclusion is imminent. The renewed agreement is expected to bolster Botswana’s position as a global leader in diamond production while providing De Beers with continued access to some of the world’s most sought-after diamonds.
The Facets 2024 conference, held in Antwerp, served as an ideal platform for President Boko to highlight Botswana’s vision for its diamond sector. As the world watches, the completion of this agreement could set the stage for a new era of collaboration and prosperity in Botswana’s diamond industry.
