1975 · Africanyear only
Botswana takes seventy per cent of its diamonds without nationalising
›Read the full entryClose
Diamonds were found at Orapa in the lands of the Ngwato people in 1967, after prospectors spent twelve years following a small collection of rough stones picked out of a dry riverbed in 1955. By 1969 the size and quality of the deposit were proven and a joint company called Debswana existed, owned 85 per cent by De Beers and 15 per cent by a new and inexperienced Botswana government. In 1973 a far larger find was made at Jwaneng, west of Gaborone. Seretse Khama said in 1973 what other African leaders said about mineral wealth, that it belonged to the nation. Then he did something different with it. After four years of very tough bargaining, in 1975 Botswana and De Beers agreed to share Debswana with revenue split seventy per cent to the country and thirty per cent to the firm. Jwaneng was later split the same way. Diamonds have since run at times to half of Botswana's annual output.