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De Beers and Botswana finally sign the deal on sales, mining licenses

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De Beers and the Botswana government announced they had finally signed the long-delayed agreements on sales, mining licenses and a package of measures to boost the country’s economy. The agreement is key to Botswana’s economy – representing around 80 per cent of all exports – and to De Beers, which relies on the country for 70 per cent its diamond supply.As widely expected, the agreement grants mining licenses to Debswana – the 50/50 joint venture between De Beers and Botswana – until July 2054.

The old agreement expired in 2021. Negotiations to renew it began back in 2018 but Covid and a series of other delays led to it being extended instead.Both sides reached a provisional agreement in June 2023 and signed an outline agreement – or head of terms – in October.But the previous government, under President Mokgweetsi Masisi, failed to actually finalize the deal. It then lost the general election last November, in a major upset, and it was left to his successor, Duma Boko get the deal across the line.

It also increases the share of Debswana’s rough production that goes to Okavango, the government’s rough diamond sales company.Okavango, which currently sells 25 per cent, will will sell 30 per cent for the first five years and 40 per cent for the second five years. There is provision for a 50/50 split if the agreement is extended by a further five years In addition, De Beers agrees to an upfront investment of around $75m in a Diamonds for Development Fund, plus further contributions  based on Debswana’s performance.

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DiamondBuzz

Natural Diamond Council and Dubai Jewellery Group Host a Successful ‘The   Diamond Dialogue’ in Dubai

Industry leaders come together to discuss opportunities, challenges, and consumer trust in the diamond sector

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Natural Diamond Council (NDC), a global not-for-profit organization collaborating the natural diamond industry and its entire value chain, hosted first-ever edition The Diamond Dialogue in partnership with  Dubai Jewellery Group (DJG). The Diamond Dialogue was a thought-provoking industry roundtable that brought together leading voices from the UAE’s jewellery sector to discuss the evolving landscape of the natural diamond industry.

The session, held in Dubai, brought together key stakeholders, including retailers, industry leaders, and trade experts, for a candid exchange on the current challenges and opportunities shaping the diamond sector. Discussions centered on how the industry can better connect with today’s well-informed yet easily distracted consumer, ensuring that the emotional and enduring value of natural diamonds continues to shine through every interaction.

With the advent of lab-grown diamonds, experts reiterated that knowledge remains the cornerstone of trust and the strength of the diamond community. The dialogue emphasized the importance of clear and transparent communication, helping consumers understand that natural and lab-grown diamonds represent two distinct and parallel markets. Participants collectively agreed that honesty, transparency, and clarity must guide every engagement with consumers.

The session was moderated by Richa Singh, Managing Director – India & Middle East, Natural Diamond Council (NDC), and featured perspectives from Tawhid Abdullah, CEO, Jawhara Jewellery & Chairman, Dubai Jewellery Group; K.P. Abdul Salam, Vice Chairman, Malabar Group; Anuraag Sinha, Managing Director, Liali Jewellery; Chandu Siroya, Owner, Siroya Jewellers; and Amit Dhamani, CEO and Managing Director, Dhamani Group.

Our special guest, Mr. Ahmad Ali Moosa, Director of the Consumer Protection Department at the Dubai Corporation for Consumer Protection and Fair Trade (DCCPFT), offered a unique perspective on the importance of building a transparent ecosystem that prioritizes consumer trust and protection.

Commenting on the session, Richa Singh, Managing Director, Natural Diamond Council, “We’ve always envisioned The Diamond Dialogue as an open and honest conversation that leads to real action. Dubai has been the first market to embrace this initiative and to collaborate with us in moving the conversation forward. It’s inspiring to see industry leaders, retailers, and government stakeholders come together with a shared purpose, to strengthen trust, educate consumers, and shape a stronger, more transparent future for natural diamonds.”

Commenting on the session, Tawhid Abdullah, Chairman, Dubai Jewellery Group, “Dubai continues to be a beacon for the global jewellery trade, a place where innovation, integrity, and tradition converge. We are the most established jewellery market in the region and are thrilled to have NDC lead this important conversation. The Diamond Dialogue is an important step toward strengthening our collective voice and ensuring we uphold the highest standards of transparency and consumer confidence in natural diamonds.”

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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