SourcingJun 01, 2022
Debswana Appoints New Managing DirectorSourcingJul 01, 2022
De Beers, Botswana Extend Sales Agreement for Third Time
The current agreement, originally set to expire in 2020, will now go through June 2023.
The Orapa diamond mine in Botswana. De Beers Group and the government of Botswana just extended their sales agreement for the third time, taking the current contract through June 2023. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—De Beers Group and the Government of the Republic of Botswana have agreed to extend their existing sales agreement for another year, De Beers announced Wednesday.
The current 10-year agreement dates back to Jan. 1, 2011 and dictates that Debswana, the mining company jointly owned by De Beers and the Botswana government, sell 75 percent of its rough diamond output to De Beers, with the remaining 25 percent sold through the Okavango Diamond Company.
The agreement also marked the start of the migration of De Beers’ sales and aggregation operations from London to Gaborone, Botswana.
The agreement originally was set to expire at the end of 2020 but was extended for a year to December 2021 because of travel complications associated with COVID-19.
It was then pushed back again, this time for six months.
In announcing the latest extension, De Beers said it will “enable the finalization of the ongoing discussions,” while noting “further positive progress” toward a new agreement.
The company declined further comment on the extension.
Related stories will be right here …
The current 10-year agreement dates back to Jan. 1, 2011 and dictates that Debswana, the mining company jointly owned by De Beers and the Botswana government, sell 75 percent of its rough diamond output to De Beers, with the remaining 25 percent sold through the Okavango Diamond Company.
The agreement also marked the start of the migration of De Beers’ sales and aggregation operations from London to Gaborone, Botswana.
The agreement originally was set to expire at the end of 2020 but was extended for a year to December 2021 because of travel complications associated with COVID-19.
It was then pushed back again, this time for six months.
In announcing the latest extension, De Beers said it will “enable the finalization of the ongoing discussions,” while noting “further positive progress” toward a new agreement.
The company declined further comment on the extension.
Retail sales of diamond jewelry have been breaking records worldwide since the onset of the pandemic, sending rough diamond sales soaring for De Beers.
The company saw rough diamond sales climb to $4.9 billion in 2021, a 75 percent year-over-year increase.
To date this year, De Beers’ sales are pacing 24 percent ahead of last year amid bullish sentiment coming out of the Las Vegas trade shows, though some analysts say diamond jewelry sales have begun to slow at the consumer level.
More on Sourcing
The Latest
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
