De Beers’ CEO expressed confidence that the company will soon finalize a long-awaited diamond sales agreement with Botswana, following a productive meeting with the country’s newly elected president, Duma Boko.
Last year, De Beers, a subsidiary of Anglo American, reached a tentative deal with Botswana, the world’s leading diamond producer by value. However, the agreement has yet to be formally signed. President Boko, who assumed office after securing a decisive victory in last month’s election, has criticized the handling of the negotiations by his predecessor. He suggested that the relationship between Botswana and De Beers had soured, with reports indicating that the diamond company had even considered withdrawing from the deal.
In a video shared by Botswana’s presidency, De Beers CEO Al Cook affirmed that both sides are optimistic about reaching a swift conclusion to the talks. “We are very confident that we will align on the agreements very soon,” Cook said, adding that he expects the negotiations to be completed within days or weeks, rather than months or years.
Boko’s rise to power marks a significant shift in Botswana’s political landscape. The 54-year-old leader defeated the long-ruling party that had held power for nearly six decades. His predecessor, Mokgweetsi Masisi, had championed the deal with De Beers, which would see Botswana’s share of diamonds from the Debswana joint venture gradually increase over the next decade. While Masisi defended the agreement as beneficial for the country, Boko has emphasized the need for fresh negotiations, particularly to safeguard Botswana’s long-term interests.
Cook described his meeting with Boko as one of “renewed energy” and highlighted the shared commitment between Botswana, the world’s leading diamond producer, and De Beers, the global leader in diamond mining and marketing. “Together, we will stand shoulder-to-shoulder in promoting and creating desire for natural diamonds,” he said.
In a separate development, President Boko appointed former Trade and Industry Minister Bogolo Joy Kenewendo to serve as the new Minister of Minerals and Energy in his cabinet. With Botswana’s economy heavily reliant on diamond exports, a downturn in the global diamond market is expected to slow economic growth this year. Analysts believe mounting economic discontent, especially among the country’s youth, played a key role in Boko’s election success.
