But is this enough? While an additional 5% represents millions of dollars in potential revenue, it does little to alter the fundamental power dynamic. De Beers will still market the majority of the diamonds through its monopoly channels for most of the decade. Furthermore, the deal was signed against the backdrop of a market cataclysm that has rendered these percentage increases almost irrelevant for the immediate future.
If De Beers accedes to Botswana’s demands for more local processing and greater supply control, the "partnership" will finally evolve into equality. If they resist, Botswana may well decide that the "raw deal" is no longer a deal at all.
Under President Duma Boko, Botswana is aggressively seeking a controlling stake in De Beers to secure economic sovereignty, aiming to acquire over 50% ownership by October 2026. While a February 2025 agreement increased Botswana’s share of diamond production to 50% by 2035, the push for majority control comes amidst a depressed diamond market and high financial risk, with opposition questioning the strategy. Read the full story at Mining.com .
De Beers needs stability. Botswana, however, needs diversification. The government has launched a $6 billion initiative to become a diamond hub, including building a new diamond technology park and a forensic gemstone center. But is this enough
One of the main criticisms is that the diamond industry has made Botswana too dependent on a single commodity. This has made the country vulnerable to fluctuations in the global diamond market, and has limited the country's ability to diversify its economy.
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.
However, the proposed solution—taking control of De Beers—is a high-stakes gamble. It could allow Botswana to finally capture the full value of its mineral wealth, but it also risks sinking the nation deeper into debt and dependency on a beleaguered industry. Whether President Boko’s bold vision will lead to a new era of diamond-driven prosperity or a cautionary tale of overreach is a story that is still being written in the mines of Jwaneng and the negotiating rooms of Gaborone. Furthermore, the deal was signed against the backdrop
De Beers argues the partnership remains "the most successful resource-based partnership in history." A spokesperson in London told The World News : "Botswana has received over $6 billion in dividends and royalties. We have built hospitals, roads, and a diamond hub in Gaborone. The idea of a raw deal is simply not factual."
Diamonds account for approximately 30% of Botswana's GDP, 70% of its export earnings, and a massive chunk of government revenue.
If the financial split is so lucrative, where does the "raw deal" narrative originate? The issue lies not in the macro-revenues, but in the . 1. The Value Chain Imbalance Under President Duma Boko, Botswana is aggressively seeking
. But as the global diamond market shifts, the question of whether Botswana is getting its fair share has moved from boardroom whispers to front-page news. The Changing Power Balance
De Beers committed to investing an initial 1 billion Pula (approximately $75 million USD) into a fund aimed at diversifying Botswana's economy, with total contributions potentially reaching 10 billion Pula over 10 years.
Beyond the question of ownership, President Boko is aggressively pushing a policy of local "beneficiation"—keeping more of the diamond value chain within Botswana’s borders. The government has declared that "no diamond will leave this country raw" and has mandated that all stones must be cut and polished locally. While past attempts at beneficiation have been hampered by a lack of skilled labor, the new administration sees it as essential for creating jobs and building a sustainable, post-mining economy. The government is also making a clear stand against lab-grown diamonds, refusing to associate with them and doubling down on marketing natural gems as a premium, ethical luxury product.
For a long time, this was considered the "best deal in Africa." De Beers provided the technical expertise, marketing muscle, and global distribution network, while Botswana provided the resource. It was a symbiotic relationship that stabilized the global diamond supply and built modern Botswana.