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Botswana Seeks New De Beers Diamond Sales Deal by End of April

The government wants to see more gems cut and polished within the borders of the world’s second-biggest biggest diamond producer, creating jobs and boosting the state coffers, according to Lefoko Moagi, the minister of mineral resources, green technology and energy security. Botswana accounts for more than two-thirds of De Beers’ production, while the country relies on the gems for 90% of its exports and wants to derive as much benefit as possible from its mineral wealth. “We now want further to move into the value space; the bottom end of the business which involves your valuation, your pricing, cutting and polishing, marketing, selling, jewelry making.”. Botswana already owns 15% of De Beers and has a 50% stake in the Debswana mining company. As part of the existing agreement, De Beers moved diamond sales to Botswana from London, and the government secured the right to to sell 10% of Debswana’s production independently.

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