DiamondBuzz
De Beers and Botswana Reach Agreement on New Rough-Sales Deal and Extended Mining Licenses
De Beers and the government of Botswana have officially concluded their negotiations, finalizing a new rough diamond sales agreement and securing an extension of mining licenses for their joint venture, Debswana.
This marks the successful end to a long negotiation process that has seen multiple extensions of the previous contract since it expired in 2021. Despite reaching an agreement in principle in June 2023 and signing a “heads of terms” document in September, the deal remained pending due to discussions with Botswana’s former president, Mokgweetsi Masisi, and was finalized after Duma Boko assumed the presidency in November.
Under the new sales agreement, 30% of Debswana’s production will be allocated to Okavango Diamond Company (ODC), Botswana’s state-owned trading arm, with plans to gradually increase this to 50% over the next 10 years. The deal also includes a significant extension of Debswana’s mining licenses, which were initially set to expire in 2029. A 25-year extension of these licenses is part of the agreement, further solidifying the long-term future of diamond mining in the country. Additionally, the partners will jointly handle the sale of exceptional diamonds, sharing in the profits of polished sales.
Furthermore, the new agreement involves a BWP 1 billion ($75 million) upfront investment by De Beers in a diamond development fund, with additional contributions over the next decade. The fund aims to diversify Botswana’s economy, create jobs, enhance local diamond beneficiation, and provide training opportunities. This move is part of a broader strategy to ensure that the country’s diamond sector continues to contribute to economic growth and development for years to come.
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.
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.
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