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The paradigm shifted dramatically under the administration of Botswana’s President Mokgweetsi Masisi. Adopting a fiercely nationalist and populist stance on natural resources, Masisi began publicly questioning the status quo, openly declaring that Botswana was being shortchanged by the legacy arrangement.
When factoring in taxes, royalties, dividends, and joint-venture profits, the government of Botswana retains an estimated 80% to 85% of the value generated by Debswana’s operations. Few mining nations achieve such a high percentage of resource rent retention.
The urgency of Botswana’s push for a better deal is driven by a harsh economic truth: the country remains critically dependent on a single, volatile resource. Few mining nations achieve such a high percentage
According to a 2023 report, under the expiring agreement, De Beers purchased 75% of Debswana’s output, leaving Botswana’s state-owned Okavango Diamond Company (ODC) with just 25% to sell independently. This meant De Beers controlled the flow, the pricing, and the strategic stockpiling of diamonds. As one analyst noted, the previous arrangement allowed De Beers to "park African diamonds firmly under the control of mismanaging multinationals".
Counterarguments and mitigating factors
Yet, beneath this success story, a crucial question has always lingered: has Botswana been getting a raw deal? For decades, the government was only entitled to sell 25% of the rough diamonds produced in its own soil, with the remaining 75% channelled through De Beers's network. A new agreement signed in early 2025 has shifted the terms significantly, but the drama is far from over. Now, Botswana’s new president is pushing for a seismic shift – to effectively take control of De Beers itself.
Under the previous deal, Okavango Diamond Company (ODC), the state-owned diamond trader, received 25% of Debswana's production. Under the new agreement, ODC's share immediately rose to 30%, with a trajectory to scale up to 50% over the next decade. This meant De Beers controlled the flow, the
The debate over whether Botswana is getting a raw deal ultimately forces the nation to look toward a future where it is less dependent on a single corporate partner—and a single commodity.
Technical details of the Share public link This effectively gives Botswana a massive
The debate over revenue sharing has been ongoing for several years. The government of Botswana has argued that it should receive a higher share of the revenue generated by the diamond industry, while De Beers has argued that its investment in the industry justifies its share of the revenue.
The Okavango Diamond Company’s allocation of rough diamonds instantly jumped from 25% to 30%, with a contractual trajectory to scale up to 50% over the next decade . This effectively gives Botswana a massive, independent commercial footprint in the global diamond market.
