Botswana's President Mokwetsi Masisi says the new deal with De Beers will make his country “truly the world's diamond capital for the first time”.
In an interview with Bloomberg TV, he welcomed the sale and mining agreements agreed two weeks ago.
“We are very happy with the result. It could have been better, but you know that in a partnership you always have to give and take,” he said.
The agreement will bring more opportunities, values, jobs and therefore more revenue to Botswana, he said.
The recently negotiated agreement will increase, over a period of 10 years, Botswana's share of diamonds for sale from 25% to 50%.
In addition, De Beers will invest $750 million over the next decade to develop Botswana's diamond industry. President Masisi had threatened to abandon his country's 54-year agreement with De Beers. He would abandon it if they did not agree on a fairer share of the diamonds.
Source: thejewelrymagazine.com
