Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Botswana wants to fully participate in research and development led by De Beers

Although the government of Botswana has refused to review its latest demands from the ongoing negotiations for a new sales and marketing deal with De Beers, it has indicated its desire to fully participate in research and development led by the diamond...

02 march 2020

Botswana, De Beers to conclude diamond sales negotiations by end of April

14 february 2020

Botswana and De Beers are expected to conclude negotiations on the new diamond sales agreement by the end of April.
The current 10-year sales agreement runs to the end of 2020.
“We are looking at April, not beyond, for all of this to happen and be successfully concluded,” Botswana minerals minister Lefoko Moagi was quoted as saying by Bloomberg.
“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, jewellery making.”
Botswana accounts for more than two-thirds of De Beers’ production. 

   Image credit: De Beers Group

Diamonds account for more than 80% of Botswana’s exports earnings and 25% of gross domestic product as well as one-third of government’s revenues.
Botswana already owns 15% of De Beers.
The current sales agreement saw De Beers moving its diamond sales to Botswana from London, and the government secured the right to sell 10% of Debswana’s production independently.
Botswana and De Beers both have 50% stakes in Debswana.
Debswana’s production decreased by 7% to 5.9 million carats in the fourth quarter of 2019 as output at Orapa fell due to a delay in an infrastructure project coupled with expected lower grades.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished