De Beers has transferred $USD73.2 million ($AUD104.1 million) to the Diamonds for Development Fund to support Botswana’s economic diversification and reduce dependence on diamond revenues.
This fund is part of a broader agreement between De Beers and the Botswana government, which jointly own Debswana – the country’s leading diamond mining company.
In 2025, a critical renewal of the diamond sales agreement was announced, extending Debswana’s mining licences through 2054, and reaffirming the company’s commitment to Botswana’s economic diversification. This payment provides the fund’s initial capital to support the country's economy beyond diamonds.
Amid fears about economic vulnerability for communities relying on revenue from the diamond industry, De Beers CEO Al Cook said the initiative would help create opportunities beyond the diamond industry.
“Botswana’s economic progress since independence has benefited from the discovery and recovery of diamonds over many decades,” Cook said.
“We are committed to supporting the government’s ambitions to diversify Botswana’s economy. With the Diamonds for Development Fund, we are proud to work with our partners in government to introduce a new vehicle through which diamond revenues can generate sustainable economic opportunities beyond diamonds.”
The fund is intended to further investment, promote exports, and create jobs in other sectors.
President Duma Boko, government officials, industry leaders, financial institutions, and development partners also attended an initial meeting in Gaborone in September.
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