The Botswana government signed a new diamond sales agreement crucial to its economy with the De Beers mining company on Tuesday after seven years of negotiations. The deal gives the government an increasing share of diamond sales through the Debswana company — its joint venture with De Beers,

Botswana's government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American unit De Beers adding a possible extension period of five more years to the provisional pact.

The partnership secures long-term value from existing mines and expansions such as Jwaneng Cut-9 and Jwaneng Underground.

GABORONE - After eight years of negotiations, Botswana and De Beers Group finally signed the renewed diamond sales agreement on Tuesday in Gaborone, the capital of Botswana. Botswanan President Duma Boko said during the signing ceremony that the new agreement added a possible five-year extension to the provisional deal.

Local economist Keith Jefferis said concluding the deal was critical to the global diamond industry. “ [It is] a very positive move that the deal has finally been reached,” Jefferis said. “It will certainly help to bring some certainty to the global diamond industry.

Botswana has just sealed a historic 10-year diamond sales agreement with De Beers, marking a significant milestone in the country's diamond industry. This landmark deal reinforces Botswana's position as a global leader in diamond production.