Botswana president eyes jobs in new ‘marriage’ with De Beers

Masisi: There is a way of actually achieving a win-win for both, and that’s what we desire. — Bloomberg

JOHANNESBURG: Botswana’s president, Mokgweetsi Masisi, wants a new long-term diamond-sales pact with De Beers when the current 10-year deal expires in 2020 and for more gems to be processed locally.

The conclusion of an accord is crucial for both Botswana, which relies on diamonds for almost a fifth of its gross domestic product, and for the Anglo American Plc unit that gets about two-thirds of its gems from the southern African nation. Masisi, who is due to contest elections next year, is pushing for the industry to create more jobs and is “dead determined” that more diamonds be cut and polished in the country.