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Business Standard
23-06-2025
- Business
- Business Standard
The Luanda Accord Marks Landmark Commitment to Support Natural Diamond Industry
PRNewswire Mumbai (Maharashtra) [India], June 23: Representatives from diamond-producing governments, industry stakeholders, and leaders from across the global natural diamond value chain signed the Luanda Accord, a landmark accord aimed at ensuring a bright future for the natural diamond industry through renewed investment in global generic marketing led by the Natural Diamond Council (NDC). * Leading diamond producing countries announce their intention to allocate 1% of annual diamond revenue towards promotion of natural diamonds through the Natural Diamond Council Recognizing the vital role that natural diamonds play in supporting livelihoods, generating national revenues, and driving development across Africa and other diamond producing regions, the Luanda Accord highlights the shared commitment of the signatories to work together to boost consumer interest in, understanding of, and demand for natural diamonds. "Natural diamonds are more than just precious stones -- they are a lifeline for millions of people and a cornerstone of economic opportunity in many of our countries," said Diamantino Azevedo, Angola's Minister of Mineral Resources, Oil and Gas, speaking at the conclusion of the Ministerial Round Table meeting in Luanda. To support this, the Luanda Accord has confirmed their intent to contribute to a global marketing effort driven by the NDC, building on the foundations of previous campaigns and expanding its scope and reach in key consumer regions. Participating producer governments and De Beers Group intend to allocate 1% of the annual revenue they generate from rough diamond sales to fund this initiative. These funds will be entrusted to the NDC to execute a global category marketing approach. "This is a decisive step forward," said Minister of Minerals and Energy of Botswana, Bogolo Joy Kenewendo. "By coming together, we are sending a compelling message: that the future of natural diamonds lies in ambition, transparency, and a commitment to telling our story to the world - and that we are all committed to investing and telling that story." "Bringing together key leaders in the industry highlights the challenge facing the industry of insufficient investment in growing consumer demand. I am appreciative to all the Ministers who attended the meeting and their commitment to focus on consumer demand as the driver of future prosperity. I'd also like to thank De Beers for their unwavering support, and to the diamond centers of Antwerp, Dubai and Mumbai for their role in making the Accord happen," states David Kellie, CEO of Natural Diamond Council. Richa Singh, Managing Director, Natural Diamond Council, India & Middle East, stated , "India is at the heart of the natural diamond story not just as one of the biggest markets, but as a place where craftsmanship and tradition come alive. The Luanda Accord is a powerful step forward because it means we are investing in telling the real story behind natural diamonds, their rarity, authenticity, and the positive impact they have on communities around the world. At the Natural Diamond Council, we are proud to champion this initiative and ensure that natural diamonds continue to captivate and inspire in India's dynamic and growing market." With a focus on launching an enhanced category marketing campaign ahead of the 2025 peak sales season, the Luanda Accord represents a turning point for the industry -- and a renewed promise to the communities and countries whose futures are intertwined with the enduring brilliance of natural diamonds. About the Natural Diamond Council: Natural Diamond Council is a global not-for-profit organization which inspires and informs consumers about the incredible world of natural diamonds. NDC supports the integrity of the natural diamond industry by providing transparency and insight on the progress of this sector and its commitments to further betterment. NDC partners with industry stakeholders for the purpose of sharing best practices and driving trust and works to educate and protect the consumer. The NDC operates in the US, China, India, UAE, and Europe. For more information, please visit - Photo:
Zawya
27-02-2025
- Business
- Zawya
Government of the Republic of Botswana And De Beers Group Confirm Diamond Partnership For The Next Generation
Transformational agreements boost Botswana's economic development potential and secure De Beers' long-term share in world's greatest diamond resources HONG KONG SAR - Media OutReach Newswire - 27 February 2025 - The Government of the Republic of Botswana (the "Government of Botswana") and De Beers Group ("De Beers") announced that, following the conclusion of negotiations announced on 3 February 2025, the two partners have now signed the formal new agreements for a 10-year Sales Agreement (which may be extended by a further 5 years) and a 25-year extension of the Mining Licences (from 2029 through to 2054) for the 50:50 Debswana mining joint venture. Honourable Bogolo Joy Kenewendo, Minister of Minerals and Energy for Botswana, said: "We are proud to announce the signing of this landmark new agreement, which will underpin the success of our diamond industry as we enter an exciting new phase of Botswana's sustainable economic development. We hope that these agreements will bring some level of stability and rebuild market confidence in the diamond industry. We are looking forward to our renewed partnership with De Beers; together we will drive development through diamonds and build a brighter future for Batswana." Al Cook, Chief Executive Officer of De Beers Group, said: "These are groundbreaking agreements. The half-century partnership between the Government of Botswana and De Beers is considered the greatest public-private partnership in the world. Now we are both extending and improving it. For De Beers, it is a privilege to secure our ongoing participation in the world's greatest diamond resources for decades to come. I am also extremely proud that through the Diamonds for Development Fund, we can further transform opportunities for the people of the world's leading diamond country." In summary, the formal agreements represent: A 25-year extension of the Debswana mining licences from August 2029 to July 2054. This will enable the Debswana joint venture to deliver long-term value from its existing mining assets and mine life extension projects beyond the current mining licence period. Mine life extension projects include Jwaneng Cut-9, Jwaneng Underground and Orapa Cut-3. A renewed 10-year Sales Agreement for Debswana's rough diamond production, with a further five-year extension period where certain criteria are met. Under the renewed Sales Agreement, the Government of Botswana's rough diamond sales company, Okavango Diamond Company ("ODC"), will sell 30% and De Beers will sell 70% of Debswana's production for the first five years; for the subsequent five years ODC will sell 40% and De Beers will sell 60% of Debswana's production; and both parties will sell a 50% share for the five-year extension period. As part of this arrangement, De Beers and ODC have also both committed to supply diamonds for beneficiation in Botswana in line with their share of Debswana supply. In addition, a transformational package of commitments focused on supporting Botswana's economic development objectives and advancement of the diamond industry has been agreed, including: The creation of the Diamonds for Development Fund to support economic growth, diversification and jobs in Botswana in line with Botswana's Vision 2036 and National Development Plan. De Beers has committed to an upfront investment of BWP 1 billion (c. $75 million) and further annual contributions from its dividends from Debswana, based on Debswana's performance. A package of initiatives to be undertaken by De Beers designed to enhance local beneficiation of diamonds and increase participation of the people of Botswana in the diamond industry. These include investment in a diamond jewellery manufacturing facility, establishment of a De Beers Institute of Diamonds grading laboratory and starting up a diamond vocational training institute in collaboration with industry partners. Co-investment by the Government of Botswana and De Beers in marketing initiatives to boost diamond demand. The marketing investments will be for category and other marketing programmes, agreed annually, aimed at stimulating rough diamond sales, protecting the ethical integrity of diamonds, and to maintain and build consumer confidence in the product. De Beers and the Government of Botswana have committed to co-invest over the life of the Sales Agreement and in proportion to their relative shares of Debswana supply. Hashtag: #DeBeersGroup #Debswana #Botswana The issuer is solely responsible for the content of this announcement. About Botswana Botswana, a thriving democracy, is located in Southern Africa. It is the topmost producer of diamonds by value. Botswana is renowned for the rule of law, including respect for property rights. Heralded for its ease of doing business in the mining sector, it is by no coincidence that it is a premier investment destination for mining. The Botswana government has placed a strong emphasis on effective management of its diamond resources, recognizing their pivotal role in the nation's economic development. By exercising careful oversight and strategic partnerships, Botswana maximises revenue from diamond sales, strengthening its position as a key player in the global diamond market and ensuring that these valuable resources drive sustainable socio-economic growth. With a focus on sustainable practices, the government is dedicated to ensuring that the wealth generated from diamond mining contributes significantly to the welfare of its citizens. Revenue from these sales is strategically reinvested to foster growth, infrastructure development, and social programmes, ultimately positioning Botswana as a stable and prosperous socio-economic hub in the region. This commitment underscores the government's vision of enhancing the livelihoods of its people while promoting overall national prosperity, thereby solidifying Botswana's reputation as a forward-thinking and resilient nation in the face of global economic challenges. About De Beers Group Established in 1888, De Beers Group is the world's leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world's largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group's strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services and a wide range of diamond sorting, detection and classification technology services. De Beers Group is committed to ' Building Forever,' a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit De Beers Group
