De Beers Bailout Unavoidable - PHK

"De Beers is a significant player in terms of protection of diamond equity and as a country dependent on diamonds, we are bound to honour the agreement that has been made in principle," he said at a press conference on Friday.

Botswana, however, is itself cash-strapped after diamond exports plummeted to the point where the country had to seek a bailout from the African Development Bank (AfDB), will finance $150 million for its part of the De Beers 'stimulus' package.