DiamondBuzz

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

Published

2 years ago

February 26, 2025

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.

Related Topics:2025 Botswana De Beers diamondbuzz internationalnews

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DiamondBuzz

Richemont and Signet Jewelers Could Join Global Diamond Consortium In Bid For De Beers

Richemont, Signet Would Connect The Consortium To Key Global Growth Vectors Spanning Luxury High Jewelry and Mass-Market Retail.

Published

4 days ago

October 16, 2026

JewelBuzz Spread The Buzz

The Global Diamond Consortium (GDC)

Richemont and Signet Jewelers are reported to be in talks about joining the Global Diamond Consortium (GDC), the preferred bidder for De Beers according to a Bloomberg News report.

GDC was selected in July 2026 as one of Anglo American’s preferred bidders for De Beers as part of Anglo American’s ongoing corporate restructuring.

The potential inclusion of Richemont—owner of luxury Maisons including Cartier and Van Cleef & Arpels—and Signet Jewelers—the world’s largest retailer of diamond jewelry, operating brands such as Kay Jewelers, Zales, and Jared—would connect the consortium to key global growth vectors spanning luxury high jewelry and mass-market retail.

Strengthening the Natural Diamond Ecosystem: Participation by major luxury brands and global retail leaders reinforces commitment across the entire value chain—from responsible mining and manufacturing to consumer engagement.

Balanced Governance Structure: Discussions center on potential minority equity positions that would support long-term category growth while maintaining appropriate separation between ownership and commercial strategy.

Broad Stakeholder Participation: The consortium continues to advance talks with host governments, including discussions with the Government of Botswana regarding a potential increase in its equity share in De Beers from 15% to approximately 25%, alongside participation from private investors and southern African host nations.

Discussions between GDC, Richemont, Signet, and participating government stakeholders remain ongoing. Terms of any potential participation, including the size of equity interests, have not been finalized and remain subject to regulatory approvals and definitive documentation.