Is Botswana Getting A Raw Deal From De Beers Diamonds - The World News __exclusive__ Jun 2026

For decades, the southern African nation served as the economic engine of the diamond giant, supplying over 70% of De Beers Group's rough stones while the majority of high-margin processing, marketing, and trading stayed locked in Western capitals. However, a landmark contract finalized by President Duma Boko’s administration, paired with Botswana’s aggressive bid to buy a majority stake in De Beers, marks a historic turning point from neo-colonial dependency to absolute resource sovereignty. The Evolution of the Deal: From Asymmetry to Autonomy

However, critics argue that "production parity" does not equal "value parity." While Botswana gets half the rough diamonds, De Beers has historically controlled the pipeline : the sorting, valuing, marketing, and selling.

So, is Botswana getting a raw deal? For the past five decades, the answer has largely been yes. Despite providing the land and the resources, the country was relegated to the role of a junior partner in the global diamond trade, selling cheap and watching others mark up the price.

"The balance has shifted," says Thabo Mokoena, an economist at the University of Botswana. "De Beers still controls the sightholder list—the exclusive buyers. Botswana provides the rocks, but London decides who buys them. In an era where diamond prices are crashing, that control means everything." For decades, the southern African nation served as

Today, De Beers is the largest diamond mining company in Botswana, with a portfolio of mines that include Orapa, Jwaneng, and Venetia. The company's operations in Botswana account for a significant portion of the country's diamond production, and it is estimated that diamonds make up around 80% of Botswana's total exports.

But looking forward,

The fierce rhetoric eventually culminated in a new, 10-year sales agreement for Debswana’s rough diamonds and a 25-year extension on its mining licenses. The new deal fundamentally rewires the power dynamic between the state and the corporation. So, is Botswana getting a raw deal

This article examines whether Botswana is finally wresting control of its diamond destiny or if it is still shackled to a corporation that has historically dictated the terms.

While the new deal has been hailed as a major victory for Botswana's sovereignty and economic interests, the landscape of the global diamond industry is shifting in ways that make the ultimate value of the stones uncertain.

When factoring in taxes, royalties, dividends, and joint-venture profits, the government of Botswana retains an estimated 80% to 85% of the value generated by Debswana’s operations. Few mining nations achieve such a high percentage of resource rent retention. "The balance has shifted," says Thabo Mokoena, an

The agreement places a renewed emphasis on building local capacity in diamond cutting, polishing, and jewelry manufacturing, ensuring more value remains within the country.

In return, De Beers received the security it craved: a 25-year extension on mining licenses, ensuring it retains access to the richest diamond seams on the planet without major disruption until the mid-century.

Critics who argue that Botswana is getting a raw deal point to the broader value chain of the diamond industry.