The 2025 deal has improved the situation—moving the ODC allocation from 25% to 40% and eventually to 50% is a tangible victory. However, the fact that the mining licenses were extended for a full quarter-century in exchange for these gains suggests that De Beers still walked away with the long-term prize: security of supply.
Through a masterclass in economic sovereignty, the southern African nation has successfully leveraged its status as the world’s leading producer of rough diamonds by value to pressure the mining behemoth into historic concessions. By transforming a colonial-era dependency into an aggressive pursuit of corporate control, Botswana has shifted the balance of power in luxury commodities. The 2025 deal has improved the situation—moving the
The current agreement allows De Beers to market the majority of Debswana’s production. The government has argued that the fees and royalties they receive do not reflect the true market value of the stones, especially as De Beers rebrands itself towards "ethical" and "conflict-free" diamonds. Botswana’s President Mokgweetsi Masisi has been vocal about this, suggesting that Botswana deserves a larger share of the pie because the diamonds are the foundation of De Beers' global reputation. By transforming a colonial-era dependency into an aggressive