Is Botswana Getting A Raw Deal From De Beers Diamonds - The World News Site

De Beers moved its global rough diamond sorting and sales operations from London to Gaborone in 2013, anchoring Botswana as a global gemstone capital.

The deal negotiated over several years fundamentally changes the distribution of wealth between the two entities: De Beers moved its global rough diamond sorting

If Botswana's finances are strained, De Beers itself is bleeding. The parent company posted an underlying EBITDA loss of $511 million in 2025, driven by weak Chinese demand, competition from lab-grown diamonds, and softening global prices. Even before that, in the first half of 2025 alone, De Beers saw its revenue drop 13% to $1.95 billion as a slump in the crucial Chinese market eroded demand. For a company that has historically dictated the market's terms, this financial distress is a humbling turn. Even before that, in the first half of

Consider the numbers. In 2023, despite a slowdown, Debswana produced approximately 25 million carats. While Botswana’s treasury collected billions in taxes and dividends, the downstream revenue—the 200% markup that turns a rough stone into a polished engagement ring—almost entirely flowed to factories in India, China, and the diamond exchanges of New York and Tel Aviv. In 2023, despite a slowdown, Debswana produced approximately