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Reuters
Reuters
Business

Botswana president insists on bigger share of diamonds from De Beers venture

De Beers Mokgweetsi Masisi Botswana
FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko

Botswana will not back down on demands for a bigger share of rough diamonds from its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, upping the stakes as talks for a new sales deal appear to be stalling.

Botswana and De Beers mine the precious stones through their equally owned, 54-year-old mining venture, Debswana Diamond Co. The current diamond sales deal, in place since 2011, has been extended three times since 2020 but is set to expire next month.

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