A persistent grievance in Gaborone is the lack of transparency regarding how De Beers prices diamonds. Because De Beers controls a vast portion of the global supply chain, it has historically set the "standard." Local activists and some politicians argue that:
To raise the capital required for such a mammoth purchase, Botswana has been courting regional allies. Angola has proposed a consortium with Botswana, Namibia, and South Africa to jointly acquire and operate De Beers. This would mark the end of the "colonial-era mining model," as one commentator put it, shifting the world's most famous diamond company from London and Johannesburg to Gaborone.
to a "Diamonds for Development" fund to help diversify Botswana’s economy. Why "Raw Deal" Talk Persists A persistent grievance in Gaborone is the lack
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.
Under the long-standing sales agreement, Debswana was obligated to sell 100% of its rough diamonds directly to De Beers. De Beers would then mix these stones with diamonds from South Africa, Namibia, and Canada, before selling them to its hand-picked buyers (Sightholders). This would mark the end of the "colonial-era
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)
As parent company Anglo American moves forward with its of De Beers, Botswana’s aggressive maneuvers demonstrate that the country is firmly in the driver’s seat of its financial destiny. The Evolution of the Deal: From 10% to Equity Historically, no
The vast majority of cutting, polishing, and jewelry manufacturing historically took place overseas. Botswana missed out on the lucrative downstream stages of the supply chain that create the most jobs and economic value.