As negotiations drag on, President Masisi has played a high-stakes card: threatening to walk away. He has publicly stated that if De Beers won't yield, Botswana will launch its own state-owned diamond trading house.
The diamond industry is in crisis. Lab-grown diamonds (LGDs) have collapsed the price of low-quality natural stones. A two-carat lab stone that cost $5,000 five years ago now sells for $500. While high-end natural diamonds remain resilient, the middle market is a bloodbath. As negotiations drag on, President Masisi has played
The state-owned Okavango Diamond Company (ODC) will see its share of rough diamond production rise from 25% to 50% over the next decade. Lab-grown diamonds (LGDs) have collapsed the price of
Botswana has finalized a new 10-year, 25-year mining licence agreement with De Beers, aiming to boost its share of rough diamonds through Okavango Diamond Company to 50% by 2035. While the agreement strengthens local control and extends mining operations to 2054, the country still navigates an economic slump driven by falling diamond sales and rising inventory. For more details, visit De Beers Group AI responses may include mistakes. Learn more The state-owned Okavango Diamond Company (ODC) will see
Negotiations for a new deal have been ongoing for over a year, and they have turned ugly.