Botswana and the mining giant De Beers will be collaborating together after renewing an agreement allowing diamonds trade. This was confirmed by the newly appointed Botswana President Mokgweetsi Masisi as he was speaking at the Diamond Conference in Gabarone.The deal was renewed as it was about to expire next year.

The President said, “Together, we have built an economy which has helped transform our country to a special category of prudently run and managed economies in the world.” 

The mining firm Debswana had worked with De Beers for 40 years, selling its diamonds to them, which were then sent to be sold in London. The Government of Botswana and De Beers had said in 2011 that they reached an agreement to see diamond trading take place in Botswana by 2013. 

Masisi added, “That is why my government and De Beers are in negotiations for the next sales agreement which is set to continue when the current one expires in 2020.” 

Almost a fifth of Botswana’s gross domestic product depends on diamonds, leading Masisi to emphasise the importance of such a deal. 

“We have an obligation to motivate favourable development policies and robust business practices which accommodate the interest of these communities in the whole scheme of diamond mining and production,” he said.