Botswana’s government and De Beers have appointed former African Development Bank President Akinwumi Adesina as chairperson of a fund to ensure that Botswana benefits more from its diamonds.
The Diamonds for Development Fund, which aims to use diamond proceeds to boost economic growth and diversification in Botswana, was established during tough negotiations between Botswana and De Beers – which concluded in 2025 – to extend diamond mining licences through to 2054 for their 50:50 mining joint venture, Debswana.
De Beers has committed to an upfront investment of BWP 1 billion ($74.4m) in the Fund, as well as annual contributions from its dividends from Debswana, based on the latter’s performance.
Adesina, a former Nigerian agriculture minister, was elected the eighth president of the AfDB in 2015, and re-elected for a second term in 2020. He ended his second term as president in September 2025.
“The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds,” Adesina said.
“It is not only diamonds that should shine, the lives of the people of Botswana must also shine. The Fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come.”
Adesina will formally assume his new role on 15 June 2026. The Fund is in the process of finalising the appointment of independent directors to its board.
Bogolo Kenewendo, Botswana’s minister of minerals and energy, said: “We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as Chairperson. His appointment solidifies the position of the Government of the Republic of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain.”
Botswana seeks benefits as diamonds slump
In recent years, Botswana has demanded more benefits from its decades-long partnership with De Beers, including the return of sightholder sales to Gaborone from London, and investments in labs, training centres and manufacturing facilities.
The negotiations which concluded last year also resulted in a new 10-year sales and marketing agreement for Debswana’s rough diamond production, with a potential five year extension. Under the deal, the share of Debswana’s production sold by Botswana’s Okavango Diamond Company will increase from 30% currently to 50% by 2035-40, with De Beers handling the remainder.
De Beers said the long-term agreement would “deliver long-term value from existing mining assets and mine-life extension projects, including Jwaneng Cut-9, Jwaneng Underground and Orapa Cut-3.”
The diamond industry has been undergoing a prolonged slump, triggered by factors including the rise of synthetic stones, a slowdown in the Chinese luxury goods market and US tariffs on India, where the majority of the world’s stones are cut and polished.
Parent company Anglo American is looking to sell De Beers as it undergoes a major restructuring amid its merger with Canada’s Teck Resources. In February, Anglo American cut the value of De Beers by half — marking the third writedown in three years.