
Botswana’s newly elected President, Duma Boko, is hopeful of securing a long-awaited sales agreement with De Beers by Friday.
Boko, a 55-year-old lawyer, took office in November after a historic election victory, ending nearly six decades of Botswana Democratic Party (BDP) rule. His priority has been to finalize the deal with De Beers, a partnership that has been delayed for months.
Speaking at the World Economic Forum in Davos, Boko expressed optimism, stating that the agreement was nearly complete. “I’m hoping it is tomorrow,” he remarked, adding that only minor details remained.
Under the proposed pact, Botswana’s share of diamonds from the Debswana joint venture would rise to 50% over the next decade. Currently, Debswana sells 75% of its diamond output to De Beers, a situation that could soon shift.
In addition, Boko revealed that talks to increase Botswana’s stake in De Beers, currently set at 15%, were progressing well. This comes as Anglo American, De Beers’ parent company, moves to restructure its vast holdings.
Despite this progress, Botswana’s dependence on diamonds remains a concern. The country, the world’s leading diamond producer by value, has struggled with economic challenges in recent years. Boko has vowed to diversify Botswana’s economy, with a focus on renewable energy, agriculture, and expanding the mining sector.
The nation’s economy faces a downturn, exacerbated by a slump in the global diamond market. However, government forecasts project modest growth in 2025, with GDP expected to rise by 3-4%.
Boko’s government is also committed to social reforms, including raising the minimum wage and improving social services. The new president’s vision centers on strengthening Botswana’s economy beyond its diamond-rich legacy.