The Botswana government signed a new diamond sales agreement crucial to its economy with the De Beers mining company on Tuesday after seven years of negotiations. The deal gives the government an increasing share of diamond sales through the Debswana company — its joint venture with De Beers,

GABORONE - After eight years of negotiations, Botswana and De Beers Group finally signed the renewed diamond sales agreement on Tuesday in Gaborone, the capital of Botswana. Botswanan President Duma Boko said during the signing ceremony that the new agreement added a possible five-year extension to the provisional deal.

Botswana's government finalized a diamond sales agreement with De Beers, a subsidiary of Anglo American. Initial negotiations began in 2018, and though terms were provisionally agreed upon in 2023, a formal agreement was not signed until President Duma Boko prioritized it after taking office in October.

Botswana's government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American unit De Beers adding a possible extension period of five more years to the provisional pact.

(250225) -- GABORONE, Feb. 25, 2025 (Xinhua) -- Botswanan President Duma Boko (C) attends a signing ceremony of a diamond sales agreement in Gaborone, Botswana, on Feb. 25, 2025. After eight years of negotiations, Botswana and De Beers Group finally signed the renewed diamond sales agreement on Tuesday in Gaborone. (Photo by Tshekiso Tebalo/Xinhua)

Botswana's government has finalized a crucial diamond sales agreement with De Beers, aiming to revive its economy. This deal is crucial as the country's economy significantly relies on diamond exports.

Botswana’s government and De Beers, the diamond mining unit of Anglo American, have finalised a 10-year diamond sales agreement after a protracted negotiation period, Reuters reported on Tuesday. This new agreement replaces a provisional deal and includes a potential extension of five additional years.

As part of the deal, Botswana's share of diamonds from Debswana, a joint venture with De Beers, will rise from 25% to 50%.

Botswana has secured a 10-year diamond sales deal with De Beers, with a possible five-year extension. This agreement revises Botswana's share in diamond production to 40% initially, with potential to rise to 50%.

Botswana has just sealed a historic 10-year diamond sales agreement with De Beers, marking a significant milestone in the country's diamond industry. This landmark deal reinforces Botswana's position as a global leader in diamond production.