De Beers and Botswana: Closing in on a Diamond Deal

De Beers' CEO Al Cook expressed optimism about finalizing a new diamond sales agreement with Botswana soon. The new agreement aims to increase Botswana's share in the Debswana joint venture to 50% over the next decade. Discussions with Botswana's leadership are progressing positively.

In a significant development for the global diamond industry, De Beers' chief executive Al Cook announced that negotiations with Botswana over a new diamond sales pact are approaching a conclusion.

Cook, who recently met with Botswana's new President Duma Boko, expressed confidence that an agreement would be reached within days or weeks. Last year, De Beers, a part of Anglo American, had reached a preliminary agreement with Botswana that envisages increasing the country's share of diamonds from the Debswana joint venture to 50% over the next ten years.

While 75% of Debswana's output presently goes to De Beers, the full agreement has not yet been signed, despite previous endorsements from Botswana's former president Mokgweetsi Masisi.

(With inputs from agencies.)