Carat and Stick

De Beers, Botswana need each other too much for diamond divorce

By David Whitehouse

Posted on Friday, 10 March 2023 09:23
Debswana is a joint venture between Anglo American unit De Beers and the Botswana government. REUTERS/Siphiwe Sibeko

Threats by Botswana's President Mokgweetsi Masisi to ditch a diamond mining agreement with De Beers are unlikely to lead to a breakdown of the relationship, analysts say.

Botswana is the world’s largest diamond producer by value and the second largest by volume. A 10-year agreement reached with De Beers in 2011 was extended to June 2023. The agreement initially gave Botswana the right to sell 10% of the diamonds, which was increased to 25% in 2020. De Beers has control of the rest.

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