The Botswana government has signed a new diamond sales agreement crucial to its economy with the De Beers mining company after seven years of negotiations.

De Beers and Botswana’s government will jointly fund a marketing campaign to resuscitate demand for natural diamonds.

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.

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.

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

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.

Botswana’s government and De Beers, the diamond mining unit of Anglo American, have finalised a 10-year diamond sales agreement after a protracted negotiation period, Reuters reported on Tuesday. This new agreement replaces a provisional deal and includes a potential extension of five additional years.