Industry News by Nemesis

Botswana, De Beers to Negotiate New Sales Agreement

November 27, 2018

Botswana and De Beers are set to negotiate a new sales agreement, which is set to replace the current agreement that will come to an end in 2020.

IdexOnline cited an unnamed industry source as saying that Gaborone wants to boost its share of independently marketed and sold rough to 30 percent from the current 15 percent.

The country also wanted to be heavily involved in setting rough prices for its goods which are currently decided almost singlehandedly by De Beers.

“Through our partnership with De Beers, there has been over the years, increased participation in the diamond pipeline from prospecting through to cutting and polishing,” said Botswana president Mokgweetsi Masisi at a diamond conference held in Gaborone earlier this month.

“Our historic 2011 sales agreement was instrumental in achieving these milestones. We, however, need to move further up the pipeline to jewelry manufacturing and retail.”

The majority of Botswana’s diamonds were produced by Debswana, a 50-50 joint venture between the government and De Beers.

Debswana production eased by 6 percent to 5.7 million carats in the third quarter of 2018 due to the planned processing of lower grade material at Jwaneng, while production at Orapa was 2.6 million carats. 


Source: Rough&Polished

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