At the heart of this economic miracle sits , a 50/50 joint venture between the Botswana government and De Beers.
De Beers maintains that the partnership remains mutually beneficial. They point to the significant capital investment required to keep the mines operational and the risks they absorb in volatile global markets. Furthermore, they argue that their marketing engine—specifically the "Diamonds are Forever
Under the legacy agreements, De Beers held an exclusive right to purchase and market the vast majority of Debswana’s rough diamond output. Until recently, Botswana’s state-owned diamond trading company, Okavango Diamond Company (ODC), was only allocated a meager 10% to 15% of the country’s own diamonds to sell independently. This meant De Beers effectively controlled the pricing mechanism, marketing narratives, and distribution channels, leaving Gaborone heavily reliant on De Beers' corporate strategy. The Turning Point: President Masisi’s Ultimatum At the heart of this economic miracle sits
Botswana and De Beers signed a landmark 10-year sales agreement in February 2025, increasing the nation’s share of rough diamonds from 25% to 50% by 2035 and extending mining licenses to 2054. While designed to address economic imbalances, the deal operates amid significant market volatility and rising stockpiles, with some critics questioning if the terms sufficiently mitigate risks. Read the full details of the agreement on Reuters . Botswana's Diamond Stockpile Hits 12m Carats - IDEX Online
However, in recent years, a simmering tension has breached the surface. Accusations that Botswana is getting a "raw deal" have shifted from radical political rhetoric to mainstream government policy. As global diamond markets face unprecedented shifts, the geopolitical and economic struggle over Botswana’s subterranean wealth has reached a critical turning point. The Bedrock of the Partnership: Debswana shortly after Botswana gained independence
Historically, De Beers controlled the lion's share of production, but the tide is turning. Under the new 10-year sales agreement signed in February 2025 , Botswana has secured a much larger "slice of the pie": Production Share: Okavango Diamond Company (ODC) —Botswana’s state-owned seller—now starts with Debswana’s production, a significant jump from the previous 25%. Future Growth: This share is scheduled to climb to by 2033, effectively giving Botswana equal selling power. Development Funding: De Beers has committed up to 10 billion Pula ($712 million)
That later is now. The new generation of Botswanan leadership believes the colonial-era training wheels must come off. details on the Jwaneng underground expansion
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Is Botswana Getting a Raw Deal From De Beers Diamonds? The decades-long marriage between the Republic of Botswana and De Beers Group is often hailed as the world’s most successful public-private partnership. Since the discovery of diamonds at Orapa in 1967, shortly after Botswana gained independence, this alliance has transformed a destitute pastoral nation into a thriving upper-middle-income economy.