- The World News — Is Botswana Getting A Raw Deal From De Beers Diamonds

For decades, the partnership between Botswana and De Beers has been hailed as the "gold standard" of natural resource collaboration. Since the discovery of diamonds shortly after independence in 1966, Botswana has transformed from one of the poorest countries in the world into an upper-middle-income nation. Much of that success is credited to the 50/50 joint venture with the diamond giant.

Historically, De Beers controlled the lion's share of production, but the tide is turning. Under the new 10-year sales agreement signed in February 2025 , Botswana has secured a much larger "slice of the pie": Production Share: Okavango Diamond Company (ODC) —Botswana’s state-owned seller—now starts with Debswana’s production, a significant jump from the previous 25%. Future Growth: This share is scheduled to climb to by 2033, effectively giving Botswana equal selling power. Development Funding: De Beers has committed up to 10 billion Pula ($712 million) For decades, the partnership between Botswana and De

: After years of contentious negotiations, a new 10-year sales agreement and a 25-year extension of mining licenses (through 2054) were finalized in early 2025. Historically, De Beers controlled the lion's share of

The government of Botswana has taken steps to increase its share of the revenue, but more needs to be done to ensure that the country benefits from its rich diamond deposits. The government must also prioritize the needs of local communities and ensure that the industry is operated in a responsible and sustainable manner. Development Funding: De Beers has committed up to

: As of April 2026, Anglo American Plc is seeking to divest its 85% stake in De Beers. Botswana, which already owns 15%, is actively exploring a controlling stake (over 50%) to secure greater sovereignty over its resources. The "Raw Deal" Perspective vs. Current Reality Is Botswana Getting a Raw Deal From De Beers Diamonds?

From a strict accounting perspective, the answer is nuanced. Historically, no. De Beers lifted Botswana from GDP per capita of $70 to over $8,000. The infrastructure, health care, and democratic stability are unparalleled in Africa.

The biggest argument for the "raw deal" theory isn't necessarily De Beers' greed, but the timing of the market. Botswana is fighting for a larger share of a natural diamond market that is facing an existential crisis from Lab-Grown Diamonds (LGDs).