Botswana’s new President Boko meets De Beers executives to advance a diamond sales agreement

Al Cook, Chief Executive Officer of De Beers, and Duncan Wanblad, Chief Executive Officer of Anglo-American, have met with President Duma Boko in a courtesy call on Thursday.

President Boko, who was recently inaugurated as Botswana’s leader, is prioritizing the swift conclusion of negotiations with De Beers to finalize a new diamond sales agreement. His election victory signifies a major political shift, ending the 58-year reign of the party led by former president Mokgweetsi Masisi.

In a public statement, Boko emphasized the importance of reaching a fair and lasting deal with De Beers, expressing concerns that previous approaches to negotiations may have strained Botswana’s longstanding relationship with the company.

“Our relationship with De Beers may have been affected by how past negotiations were handled,” Boko stated. He stressed his administration’s dedication to understanding De Beers’ perspective in order to achieve a balanced agreement beneficial to both parties.

Boko also mentioned reports suggesting that De Beers had considered withdrawing from negotiations, warning that such a move would be “risky” for Botswana.

In 2023, De Beers agreed to gradually increase Botswana’s stake in the Debswana joint venture to 50 percent over a ten-year period, marking a significant change in their partnership. Currently, De Beers receives 75 percent of Debswana’s diamond production, while the remaining 25 percent is managed by the state-run Okavango Diamond Company.

Additionally, Botswana’s central bank recently reported a 52 percent decline in the nation’s diamond sales during the first nine months of 2024.