Is Botswana Getting A Raw Deal From De Beers Diamonds - The World News Jun 2026

Ultimately, the debate is no longer just about the split of revenue, but about the viability of the diamond market itself. As Botswana continues to face the reality of market shifts and the eventual depletion of its mines, its primary challenge is no longer just negotiating with De Beers—it is successfully diversifying its economy away from diamonds entirely.

To understand whether Botswana is getting a raw deal, one must look at the mechanics of the current arrangement. The relationship operates primarily through , a 50/50 joint venture between the government of Botswana and De Beers.

The seeds of the current discontent were sown in previous renegotiations. Historically, De Beers moved diamonds from Botswana to London for sorting and aggregation before they were sold.

Beyond the question of ownership, President Boko is aggressively pushing a policy of local "beneficiation"—keeping more of the diamond value chain within Botswana’s borders. The government has declared that "no diamond will leave this country raw" and has mandated that all stones must be cut and polished locally. While past attempts at beneficiation have been hampered by a lack of skilled labor, the new administration sees it as essential for creating jobs and building a sustainable, post-mining economy. The government is also making a clear stand against lab-grown diamonds, refusing to associate with them and doubling down on marketing natural gems as a premium, ethical luxury product. Ultimately, the debate is no longer just about

As Anglo American, which owns 85% of De Beers, moves to divest the business as part of a broader restructuring, a golden opportunity has presented itself. Despite the diamond market being in one of its worst crises in history, Boko is pushing for a deal that would see Botswana take its destiny into its own hands, seeking a majority stake of more than 50%. The government has even hired financial advisors to study the potential acquisition.

— The World News

Is Botswana Getting a Raw Deal From De Beers Diamonds? For over half a century, the partnership between the Republic of Botswana and De Beers Group has been hailed as the ultimate blueprint for resource-driven development. Unlike many of its resource-rich neighbors, Botswana successfully bypassed the "resource curse," transforming itself from one of the world’s poorest nations at independence in 1966 into a thriving, upper-middle-income economy. The relationship operates primarily through , a 50/50

De Beers committed to investing an initial 1 billion pula ($75 million USD) into a development fund aimed at diversifying Botswana's economy, a figure scaling up to 10 billion pula over the course of the contract.

Recognizing these vulnerabilities, Botswana’s President Mokgweetsi Masisi adopted an aggressive negotiation stance leading up to the renewal of the 10-year sales agreement. Masisi publicly threatened to walk away from De Beers entirely if Botswana did not secure a better deal, stating that the nation was no longer content with receiving "crumbs."

To help you explore this topic further, could you tell me if you are looking for specific regarding the 2023 deal, details on the Jwaneng underground expansion , or information on how lab-grown diamonds are impacting Botswana's market? Share public link Beyond the question of ownership, President Boko is

Through a masterclass in economic sovereignty, the southern African nation has successfully leveraged its status as the world’s leading producer of rough diamonds by value to pressure the mining behemoth into historic concessions. By transforming a colonial-era dependency into an aggressive pursuit of corporate control, Botswana has shifted the balance of power in luxury commodities.

Established in 1969, Debswana is a 50-50 joint venture between the government of Botswana and De Beers. It operates four major mines: Jwaneng, Orapa, Letlhakane, and Damtshaa.

However, the economic establishment, including the International Monetary Fund (IMF), has strongly advised against this move. Given Botswana's already strained fiscal position, its rising debt-to-GDP ratio, and the ongoing slump in the diamond market, critics argue that spending billions of dollars to acquire a distressed asset like De Beers would be financial suicide. The opposition Botswana Congress Party (BCP) has even called the potential acquisition "illegal," arguing it "could bankrupt the country".

Botswana may not be capturing enough value from its diamonds, despite being the world's second-largest diamond producer by value (after Russia) and home to Debswana — a 50/50 joint venture with De Beers.