Botswana and De Beers Renew Long-Term, Progressive Diamond Mining Partnership AOC Daily

In an effort to strengthen their longstanding relationship, the government of Botswana, the world’s second largest diamond producer, and De Beers, the world's leading diamond company, renewed their diamond mining partnership for an expected 10-year duration.

The signed by both parties agreement represents a significant milestone in the two entities' collaboration, highlighting their commitment to sustainable diamond mining practices and the economic development of Botswana.

Final details are being worked out, but Botswana’s biggest complaints about the old agreement are resolved.

Under the old agreement, Botswana received 25 percent of the rough stones extracted, while De Beers took the remaining 75 percent.

Moving to Equal Diamond Sharing

Immediately, Botswana will receive a 30 percent share, with an escalating increase to 50 percent within a decade. De Beers and Botswana officials have both confirmed this change.