Botswana’s new president, Duma Boko, wants to end talks for a new sales agreement with diamond giant De Beers as soon as possible, according to media reports.
“The relationship with De Beers could have been damaged by the way the negotiations were handled,” he was quoted by Reuters as saying in a televised statement last Friday after his party defeated the outgoing president Mokgweetsi Masisi’s party, ending their 58-year uninterrupted rule of Botswana.
“The first thing that needs to be done is to engage the other party.”
Boko said his administration wants to understand De Beers’ concerns.
“A proper negotiation involves compromise, where you get a bit of what you want and the other person gets a bit,” he said.
“Then...you have a durable, sustainable agreement.”
Boko said De Beers had been “considering walking away, not signing at all," which was “a very dangerous position to be in as a country.”
De Beers agreed to a new diamond sales pact last year, which would see Gaborone’s share of diamonds from the Debswana joint venture gradually increase to 50% over the next decade.
Debswana currently sells 75% of its output to De Beers and 25% to the state-owned Okavango Diamond Company.
Its sales fell about 52% in the first nine months of 2024, according to data released by Botswana's central bank last week.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
