The Botswana government signed a new diamond sales agreement crucial to its economy with the De Beers mining company on Tuesday after seven years of negotiations. The deal gives the government an increasing share of diamond sales through the Debswana company — its joint venture with De Beers,

As global diamond sales continue to decline, Botswana and De Beers have announced a strategic marketing initiative aimed at reinvigorating consumer interest in natural

GABORONE - After eight years of negotiations, Botswana and De Beers Group finally signed the renewed diamond sales agreement on Tuesday in Gaborone, the capital of Botswana. Botswanan President Duma Boko said during the signing ceremony that the new agreement added a possible five-year extension to the provisional deal.

Botswana's government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American unit De Beers adding a possible extension period of five more years to the provisional pact.

As part of the deal, Botswana's share of diamonds from Debswana, a joint venture with De Beers, will rise from 25% to 50%.

Botswana's government finalized a diamond sales agreement with De Beers, a subsidiary of Anglo American. Initial negotiations began in 2018, and though terms were provisionally agreed upon in 2023, a formal agreement was not signed until President Duma Boko prioritized it after taking office in October.

(250225) -- GABORONE, Feb. 25, 2025 (Xinhua) -- Botswanan President Duma Boko (C) attends a signing ceremony of a diamond sales agreement in Gaborone, Botswana, on Feb. 25, 2025. After eight years of negotiations, Botswana and De Beers Group finally signed the renewed diamond sales agreement on Tuesday in Gaborone. (Photo by Tshekiso Tebalo/Xinhua)

-Mine trucks are seen in the open pit at a Debswana mine, a joint venture between De Beers and Botswana's government, in Jwaneng, Botswana, Monday March 17, 2008. (AP

Botswana has secured a 10-year diamond sales deal with De Beers, with a possible five-year extension. This agreement revises Botswana's share in diamond production to 40% initially, with potential to rise to 50%.

The Government of the Republic of Botswana and De Beers Group have announced that the two partners have now signed the formal new agreements for the 50:50 Debswana mining joint venture.