De Beers and government on Friday agreed to extend their sales arrangement which covers the marketing of stones from Debswana, by another 10 years, while also extending mining leases in the country by another 25 years from when they expire in 2029. The deal comes with agreements in principle which are being finalised and include efforts to better empower citizens both in the diamond value chain, as well as other non-diamond ventures in line with sustainable economic development.
The two parties have been engaged in increasingly tense negotiations since 2019, with government pushing for greater concessions that will enable the country to participate deeper down the diamond industry’s value chain, where activities such as cutting and polishing, as well as jewellery design and retail, produce greater values than mining.
