Botswana’s President Duma Boko announced that his government has reached a crucial diamond extraction and sales agreement with De Beers, bringing much-needed stability to the gem-dependent economy, media reported.
"The issue with De Beers has been settled," Boko was quoted as saying. "[The new agreement had not resulted] in any major changes, just a little tweaking of things here and there."
Under the terms finalized by midnight on January 24, Botswana aims to promote its natural diamonds as premium products.
"We appreciate the threat posed by lab-grown diamonds. I don’t want to give them the privilege of calling them diamonds. Diamonds are natural," Boko reportedly emphasized.
With this deal, the country will focus on showcasing the provenance of its gems, ensuring that each sale supports national development.
"We will market our diamonds in terms of their provenance and of the story behind the diamond," he added, highlighting the importance of this narrative for economic growth.