The Botswana government has signed a new diamond sales agreement crucial to its economy with the De Beers mining company after seven years of negotiations.

Experts have welcomed the signing of a long-delayed rough diamond sales agreement between Botswana and South African mining giant De Beers. Representatives of the Botswana government and De Beers put pen to paper Tuesday on a 10-year deal following six years of negotiations.

Botswana's government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American unit De Beers adding a possible extension period of five more years to the provisional pact.

Botswana's government finalized a diamond sales agreement with De Beers, a subsidiary of Anglo American. Initial negotiations began in 2018, and though terms were provisionally agreed upon in 2023, a formal agreement was not signed until President Duma Boko prioritized it after taking office in October.

GABORONE - After eight years of negotiations, Botswana and De Beers Group finally signed the renewed diamond sales agreement on Tuesday in Gaborone, the capital of Botswana. Botswanan President Duma Boko said during the signing ceremony that the new agreement added a possible five-year extension to the provisional deal.

The partnership secures long-term value from existing mines and expansions such as Jwaneng Cut-9 and Jwaneng Underground.

As part of the deal, Botswana's share of diamonds from Debswana, a joint venture with De Beers, will rise from 25% to 50%.

Botswana’s government and De Beers, the diamond mining unit of Anglo American, have finalised a 10-year diamond sales agreement after a protracted negotiation period, Reuters reported on Tuesday. This new agreement replaces a provisional deal and includes a potential extension of five additional years.