To address these concerns, a landmark agreement was formally signed in and reaffirmed in early 2026 . The new terms represent a significant shift in power and profit:
However, the proposed solution—taking control of De Beers—is a high-stakes gamble. It could allow Botswana to finally capture the full value of its mineral wealth, but it also risks sinking the nation deeper into debt and dependency on a beleaguered industry. Whether President Boko’s bold vision will lead to a new era of diamond-driven prosperity or a cautionary tale of overreach is a story that is still being written in the mines of Jwaneng and the negotiating rooms of Gaborone.
The latest chapter in this partnership began with intense negotiations over a new sales agreement. The previous 10-year contract, signed in 2011, was extended multiple times due to the COVID-19 pandemic and complex discussions.
Critics who argue that Botswana is getting a raw deal point to the broader value chain of the diamond industry. To address these concerns, a landmark agreement was
Diamonds undergo an exponential value surge after they leave Botswana as rough stones. Once cut, polished, and set into luxury jewelry in New York, Antwerp, or Shanghai, their retail value skyrockets.
Conversely, industry experts and defenders of the partnership argue that Botswana’s arrangement with De Beers is actually one of the most progressive resource contracts in the world.
The government is now demanding a larger share of the rough diamonds to be processed locally, aiming to turn Botswana into a global diamond hub, not just a supplier of raw materials. Whether President Boko’s bold vision will lead to
For over 50 years, the De Beers–Botswana partnership has been the envy of the resource-rich world. The cornerstone of this arrangement is Debswana, a 50/50 joint venture between the government and De Beers that controls the country's vast diamond reserves, including the legendary Jwaneng mine, often cited as the world's richest diamond mine by value. In a model rarely seen in Africa, Botswana used its diamond windfalls to build schools, roads, and hospitals, achieving a status that earned it the title of an "African success story".
External Existential Threats: Why a "Better Deal" Isn't Enough
The government of Botswana has taken steps to increase its share of the revenue, but more needs to be done to ensure that the country benefits from its rich diamond deposits. The government must also prioritize the needs of local communities and ensure that the industry is operated in a responsible and sustainable manner. Critics who argue that Botswana is getting a
While this looks like a win on paper, critics argue that the deal focuses on a "sunset industry." The Lab-Grown Threat
For years, this seemed equitable. But critics argue that the world has changed, and the contract has not kept pace. The core of the dispute lies not in the mining of the diamonds, but in their journey after they leave the ground.
If Botswana's finances are strained, De Beers itself is bleeding. The parent company posted an underlying EBITDA loss of $511 million in 2025, driven by weak Chinese demand, competition from lab-grown diamonds, and softening global prices. Even before that, in the first half of 2025 alone, De Beers saw its revenue drop 13% to $1.95 billion as a slump in the crucial Chinese market eroded demand. For a company that has historically dictated the market's terms, this financial distress is a humbling turn.
But beneath the surface of this success story, long-standing grievances have festered. Critics have always pointed to a fundamental imbalance: Botswana supplies an astonishing 70% of De Beers' rough diamonds, yet until recently, it only owned 15% of the diamond giant itself. For many in Botswana, it was a partnership of unequals, where the country took the geological risk while the majority of the value flowed back to London and the Anglo-American shareholders.