The claim that is getting a "raw deal" from De Beers has been a central theme in recent high-stakes negotiations, driven by the country's desire to capture more value from its natural resources
During the high-stakes contract renewals, Masisi shocked the mining world by threatening to walk away from De Beers entirely if the corporate giant did not concede to Botswana's demands for a bigger slice of the value chain.
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The biggest argument for the "raw deal" theory isn't necessarily De Beers' greed, but the timing of the market. Botswana is fighting for a larger share of a natural diamond market that is facing an existential crisis from Lab-Grown Diamonds (LGDs). The claim that is getting a "raw deal"
However, in the context of modern resource nationalism, the historic division of wealth undeniably favored the corporate entity over the host nation. The new sales agreement represents a massive course correction, giving Botswana a much larger piece of the pie and vastly increased leverage over how its natural wealth is monetized.
Established in 1969, Debswana is a 50-50 joint venture between the government of Botswana and De Beers. It operates four major mines: Jwaneng, Orapa, Letlhakane, and Damtshaa.
In late 2025 and early 2026, under the leadership of President Duma Boko (who swept to power in October 2024), Botswana radically escalated its demands. With Anglo American (which holds 85% of De Beers) looking to offload its controlling stake, Botswana saw its moment. "We are more than ready for the transaction," Boko declared in September 2025, setting a deadline to secure a majority stake. Botswana is fighting for a larger share of
As parent company Anglo American moves forward with its of De Beers, Botswana’s aggressive maneuvers demonstrate that the country is firmly in the driver’s seat of its financial destiny. The Evolution of the Deal: From 10% to Equity
But a shadow looms over Gaborone. As the current sales agreement expires and negotiations for a new deal heat up, a critical question is echoing across the Kalahari:
If Botswana's finances are strained, De Beers itself is bleeding. The parent company posted an underlying EBITDA loss of $511 million in 2025, driven by weak Chinese demand, competition from lab-grown diamonds, and softening global prices. Even before that, in the first half of 2025 alone, De Beers saw its revenue drop 13% to $1.95 billion as a slump in the crucial Chinese market eroded demand. For a company that has historically dictated the market's terms, this financial distress is a humbling turn. Established in 1969, Debswana is a 50-50 joint
Conversely, industry experts and defenders of the partnership argue that Botswana’s arrangement with De Beers is actually one of the most progressive resource contracts in the world.
Diamonds undergo an exponential value surge after they leave Botswana as rough stones. Once cut, polished, and set into luxury jewelry in New York, Antwerp, or Shanghai, their retail value skyrockets.
As of April 2026, Botswana has shifted away from a "raw deal" in its diamond partnership with De Beers by securing a 10-year agreement that raises the state’s share of rough diamonds, transitioning toward a 50/50 equity split by 2035. While this February 2025 deal increases local control, Botswana currently faces economic challenges, including a global supply glut, market volatility, and a substantial diamond inventory. For more information, visit Reuters .