Now or never for diamond deal of the century

Friday, August 31, 2018

De Beers chair, Harry Oppenheimer, former president, Sir Seretse Khama and then De Beers resident director, Louis Nchindo at Orapa's Mine's official opening in July 1971 PIC: NATIONAL ARCHIVES

Debswana’s next decade of mining will likely be its most expensive, with the diamond giant having to dig deeper than it has before to retrieve the shiny stones. Keenly aware that its leverage on De Beers will only grow weaker as the end approaches, government is out to ensure its next deal with the diamond giant delivers the goods. Staff Writer, MBONGENI MGUNI reports

The country’s current sales agreement with De Beers, expiring in September 2020, is arguably the best negotiated in the decades-long relationship between the two parties.

Unveiled in 2011, the agreement was the longest between the two partners and paved way for the relocation of the Diamond Trading Company from London to Gaborone, as well as the establishment of the Okavango Diamond Company (ODC), the government of Botswana’s independent diamond auction agency.

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