De Beers to give Botswana more rough diamonds

Luxury industry: The De Beers outlet on Fifth Avenue in New York. The Botswana-De Beers agreement allows the partners to advance the investment required to secure Debswana’s position as one of the world’s leading gem producers. — Bloomberg

JOHANNESBURG: Botswana and De Beers Group have agreed to a new diamond sales deal in which the African country, the world’s No. 1 diamond producer by value, gradually increases the share of rough stones it gets from their joint venture Debswana over the next decade to 50%, the government and the mining company say.

The Botswana government and De Beers said they had agreed on a 10-year sales deal for Debswana’s rough diamond production through to 2033, and on a 25-year Debswana mining licence valid until 2054.