The piece probably concludes that historically Botswana got an unfair deal, but the 2023 agreement represents significant progress — though whether it's "enough" depends on whether Botswana can successfully build its own diamond trading and manufacturing hub.
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Botswana is aggressively pursuing a controlling stake in De Beers, aiming to shift from a historical partnership model to total ownership as part of a strategy to maximize control over its diamond resources and address economic pressures. While recent sales agreements increased the state-owned, Okavango Diamond Company's share, the government is currently seeking financing from Oman to bid for a majority stake amid a significant global diamond market downturn. Read the full details on the, Mining.com
Botswana's diamond stockpile swells as gem price slump persists - Reuters Improved terms in recent renegotiations
Diamonds normally contribute around one-third of Botswana's national revenues and three-quarters of its foreign exchange receipts.
Botswana’s president courts Oman amid De Beers’ control battle
Botswana has finalized a 10-year sales agreement and 25-year mining license extension with De Beers, boosting its production share to 30%—set to rise to 50%—and securing over $750 million in development funding . The landmark deal strengthens local beneficiation and positions Botswana to potentially take a controlling stake in De Beers as owner Anglo American divests . Read the full details of the agreement on Reuters. Is Botswana Getting a Raw Deal From De Beers Diamonds? Strategic use of proceeds and diversification efforts
Under President Duma Boko, Botswana is aggressively seeking a controlling stake in De Beers to secure economic sovereignty, aiming to acquire over 50% ownership by October 2026. While a February 2025 agreement increased Botswana’s share of diamond production to 50% by 2035, the push for majority control comes amidst a depressed diamond market and high financial risk, with opposition questioning the strategy. Read the full story at Mining.com.
Critics argue Botswana has already been getting a raw deal for 50 years. They point to the "Sightholder" system—an opaque, invitation-only club where a select few buyers purchase rough diamonds at De Beers-set prices.
"Botswana has been a glorified landlord," says Dr. Kebabonye T. Monagen, an economic historian at the University of Botswana. "They own the land and the resource, but De Beers has been the intellectual and logistical landlord. De Beers decides when to release stones, how many, and at what price to the cutters. Botswana gets a dividend, but not the strategic leverage." Active policy response to market change
Consider the numbers. In 2023, despite a slowdown, Debswana produced approximately 25 million carats. While Botswana’s treasury collected billions in taxes and dividends, the downstream revenue—the 200% markup that turns a rough stone into a polished engagement ring—almost entirely flowed to factories in India, China, and the diamond exchanges of New York and Tel Aviv.
The central argument for Botswana getting a "raw deal" revolves around value addition.
Historically, De Beers mined the rough diamonds in Botswana and shipped them to London, where they were sorted, aggregated, and sold to manufacturers. The high-value activities—sorting, cutting, polishing, and retail—happened elsewhere, keeping the bulk of the economic profit outside Botswana’s borders.
While De Beers moved its "sights" (sales events) to Gaborone in 2013, a symbolic victory for the nation, critics argue this was a logistical shift rather than a structural economic transformation. Botswana still sells the rough stones. The lucrative downstream industries—where a rough stone becomes a polished jewel sold in a boutique in New York or Hong Kong—remain largely out of reach for the Batswana economy.
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.