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.

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.

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.

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.

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 has finalized a crucial diamond sales agreement with De Beers, aiming to revive its economy. This deal is crucial as the country's economy significantly relies on diamond exports.