De Beers, Botswana extend diamond sales deal by a year

A worker at the Botswana Diamond Valuing Company displays a rough diamond during the sorting process at the purpose-built centre in Gaborone. Source: Reuters

The 2011 rough diamond sales agreement in which the venture sells 75% of its output to De Beers was set to expire in 2020, but was extended for a year till last December and then again for six more months.

The Anglo American unit said in a statement that the parties had agreed to the one-year extension to enable the finalisation of discussions towards a new agreement.

Diamond sales account for a large share of Botswana's foreign currency earnings.

The extension of the agreement for the sale of Debswana's diamond output runs until 30 June 2023.