De Beers CEO Al Cook and Anglo-American CEO Duncan Wanblad paid a courtesy call on President Duma Gideon Boko on Thursday, signaling significant progress in diamond negotiations between Botswana and the global diamond giant. The high-profile meeting, also attended by Vice President Ndaba Gaolathe, reaffirmed the country’s commitment to strengthening its longstanding partnership with De Beers and Anglo-American.
Speaking after the meeting at the Office of the President, Cook expressed optimism that a final agreement was imminent, projecting that the deal could be concluded within “days or weeks, not months or years.”
“We are getting to the point of the technicalities in the agreements, dotting the Is and crossing the Ts,” said Cook. He noted that despite the diamond industry’s most challenging market conditions since the 1980s, Botswana and De Beers remain committed to a shared vision for marketing and sustaining demand for natural diamonds.
President Boko emphasized the importance of fostering trust and mutual goodwill between Botswana and its key partners. “We will work together as partners and engage with each other in the utmost good faith,” Boko said, signaling his administration’s intention to build on the historical ties while addressing current challenges.
Cook echoed this sentiment, highlighting the revitalized energy within the partnership. “The world’s leading diamond country, the Republic of Botswana, and the world’s leading diamond company, De Beers, will stand shoulder-to-shoulder in marketing and creating desire for natural diamonds,” he said.
The diamond market is currently facing declining sales, impacting the revenues of diamond-producing nations like Botswana. Cook acknowledged the challenging economic environment but expressed confidence in the partnership’s ability to overcome these hurdles. “We have both sides working in good faith on the conclusion. I’m very confident that we are going to get to the right place,” he said.
The meeting marks a pivotal moment in the ongoing negotiations, which have intensified as Botswana seeks to secure a larger share of its diamond wealth.
Botswana has already seen significant changes in its diamond arrangements. Under a 2023 agreement signed during former President Mokgweetsi Masisi’s administration, Botswana’s state-owned Okavango Diamond Company (ODC) began receiving a larger share of Debswana’s production, starting at 30% and set to increase to 50% over the next decade. The deal also established the Diamonds for Development Fund, seeded with P1 billion from De Beers, to support Botswana’s broader economic goals.
While the agreement was seen as a win for Botswana, Masisi’s confrontational approach during the negotiations sparked tensions with De Beers, which President Boko has sought to ease since taking office. As negotiations near their conclusion, both Botswana and De Beers appear committed to charting a path forward that benefits both parties. For Botswana, the stakes are particularly high, as diamond revenues remain a cornerstone of its economy.
With a shared vision and mutual goodwill, Cook expressed optimism about the partnership’s future. “This renewed spirit of collaboration is very positive,” he said.
