user wants a long article about whether Botswana is getting a raw deal from De Beers. I need to provide a balanced analysis. I'll follow the search plan to gather information on the latest sales agreement, revenue and employment figures, historical relationship, recent developments, and arguments from both sides. I'll start with the first round of searches. first round of searches has provided a good amount of information. I'll now proceed to the second round of searches to gather more specific details on employment, social contributions, and arguments from both sides. the necessary information has been gathered. The article will be structured with an introduction, historical context, the new deal details, economic impact, the "raw deal" arguments, counterpoints, the push for ownership and sovereignty, a conclusion, and a final verdict. The writing style will be in-depth and journalistic, aimed at a general audience. I will now proceed to write the article. long and storied partnership between Botswana and De Beers has been hailed as a gold standard for how resource-rich nations can negotiate with multinational corporations. For decades, Botswana has transformed from one of the world's poorest countries into a prosperous middle-income nation, largely due to revenues from these precious stones. However, as the industry enters a brutal crisis and the terms of the deal undergo a dramatic renegotiation, a critical question is being asked in Gaborone and around the world: Is Botswana finally getting a raw deal from De Beers?
. But as the global diamond market shifts, the question of whether Botswana is getting its fair share has moved from boardroom whispers to front-page news. The Changing Power Balance
Historically, Debswana sold 75% of its output to De Beers, with 25% allocated to the state-owned Okavango Diamond Company (ODC). While this created massive revenue, Botswana’s government has long felt that De Beers maintained a dominant stake in sorting, valuation, and marketing, limiting Botswana’s control over its own resources. The 2025/2026 Turning Point: A Better Deal? user wants a long article about whether Botswana
Is Botswana getting a raw deal? Historically, the answer is nuanced. Compared to other resource-rich nations in Africa that fell victim to the "resource curse," Botswana maximized its diamond wealth to build infrastructure, provide universal healthcare, and fund free education. In that regard, the De Beers partnership was an undisputed triumph of resource nationalism and fiscal management.
Botswana, De Beers sign long-delayed diamonds deal - Reuters I'll start with the first round of searches
Conclusion: nuanced answer rather than binary judgment Labeling Botswana as definitively “getting a raw deal” oversimplifies a complex, evolving reality. In relative and practical terms—given historical bargaining constraints—Botswana negotiated a partnership that delivered remarkable development gains and institutional strength. However, from a pure value-maximization perspective (especially compared to potential downstream retail margins), Botswana did not capture the full global value of its diamonds. The balance of evidence suggests Botswana negotiated a pragmatic, effective deal early on, then gradually improved its terms as market and domestic capacities evolved. The central policy challenge now is not merely historical fairness but future-oriented: accelerate beneficiation, diversify the economy, and ensure governance preserves and invests resource rents to secure intergenerational equity. If Botswana successfully pursues those strategies, any historical shortfalls will be outweighed by long-term gains; if it fails to diversify and add value, criticisms that it has left money on the table will retain force.
However, critics argue that the economic benefits of this move have not trickled down as expected. While the diamonds are now sorted in Gaborone, the most lucrative parts of the diamond pipeline—cutting, polishing, and jewelry manufacturing—remain largely elsewhere. Furthermore, the sheer volume of diamonds moving through Botswana has not translated into a corresponding diversification of the local economy. the necessary information has been gathered
To address these concerns, a landmark agreement was formally signed in and reaffirmed in early 2026 . The new terms represent a significant shift in power and profit:
Botswana has finalized a 10-year sales agreement and 25-year mining license extension with De Beers, boosting its production share to 30%—set to rise to 50%—and securing over $750 million in development funding . The landmark deal strengthens local beneficiation and positions Botswana to potentially take a controlling stake in De Beers as owner Anglo American divests . Read the full details of the agreement on Reuters . Is Botswana Getting a Raw Deal From De Beers Diamonds?