Botswana and mining company De Beers have announced a new diamond sales deal.
Botswana signs new diamond sales deal with De Beers
A 102.34, carat, D colour and flawless white diamond held by a model is displayed at Sotheby's auction house in London, Thursday, Feb. 8, 2018
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Alastair Grant/Copyright 2018 The AP. All rights reserved.
The new deal, concluded on Friday, gives Botswana a bigger share of rough stones from their joint venture.
Debswana , a joint venture between Anglo American unit De Beers and Botswana's government, sells 75% of its output to De Beers , with the balance taken up by state-owned Okavango Diamond Co .
The new agreement covers a 10 -year sales deal for Debswana rough diamond production through to 2033 and 25 -year Debswana mining licences.
In the run-up to Friday's deal, Botswana President Mokgweetsi Masisi , who is expected to seek re-election next year, had pushed De Beers for a bigger share of Debswana's output.
In March, Botswana announced it would take a 24% stake in Belgian gem processing firm HB Antwerp in a move seen as designed to loosen De Beers ' grip on the country's gems.
Botswana supplies 70% of De Beers' rough diamonds.