De Beers Group and the Government of the Republic of Botswana have signed a ten-year agreement for the sorting, valuing and sale of diamond production from Debswana, a joint venture between De Beers and Botswana.
Under the terms of the agreement, De Beers will transfer its London-based distribution arm Diamond Trading Company (DTC)'s rough diamond sales activity to Botswana.
From this new base, DTC will aggregate production from De Beers' mines, and its joint venture operations worldwide, and sell to international sight holders.
Diamond Trading Company Botswana (DTCB), a sales joint venture between Botswana and De Beers, will continue to sort and value Debswana's production before selling it on to the DTC.
The agreement will also provide an independent sales outlet for the Botswana Government, which will begin at 10% of Debswana's run of mine production and rise to 15% over a five-year period.