Botswana, De Beers reach diamond sales agreement after years of negotiations

Chief Executive Officer at De Beers Group, Al Cook, and Botswana's Minister of Mineral and Energy, Bogolo Kenewendo, meet for talks on a diamond deal at the Investing in African Mining Indaba in Cape Town, South Africa, Feb. 3, 2025.

The government of Botswana and South African diamond firm De Beers say they have reached a new, 10-year sales agreement following talks that had dragged on since 2019. Analysts say the diamond industry is sure to welcome the deal, as Botswana, after Russia, is the world’s second-largest producer of diamonds.