Is Botswana Getting A Raw Deal From De Beers Diamonds - The World News [verified] -

The raw deal is not just about money. It is about control. For 60 years, a nation blessed with the world’s hardest gem has been treated like a soft touch. As President Masisi told Parliament last month: "We are not asking for a favor. We are taking what is ours."

In 2019, the government of Botswana announced plans to increase its share of the revenue from diamond mining. The government proposed a new royalty rate of 15% on the value of diamonds extracted from the mines, and also announced plans to acquire a 24% stake in the Debswana Mining Company, which is the joint venture between De Beers and the government of Botswana. The raw deal is not just about money

For a long time, this was considered the "best deal in Africa." De Beers provided the technical expertise, marketing muscle, and global distribution network, while Botswana provided the resource. It was a symbiotic relationship that stabilized the global diamond supply and built modern Botswana. As President Masisi told Parliament last month: "We

De Beers took the vast majority of the rough diamonds to sell through its global network of "Sightholders". For a long time, this was considered the