De Beers transferred 1 billion pula to Botswana’s Diamonds for Development Fund on 21 October 2026, providing the initial capital for a vehicle created with the government to support economic diversification beyond diamonds.
The transfer followed the establishment of the fund’s governance. Former African Development Bank president Akinwumi Adesina chairs an independent ten-member board, which held its first meetings in Botswana in September.
The fund is intended to use the seed capital to attract additional private, institutional, domestic and international financing. It is now completing its strategy, business plan and programme design, according to the joint statement by De Beers and Botswana’s Ministry of Minerals and Energy.
No additional envelope, beneficiary list or timetable for disbursements to companies has been published. The 1 billion pula is therefore a contribution that has reached the fund, not investment already distributed across the targeted sectors.
Botswana is seeking to reduce its dependence on diamonds, which account for 62.3% of export earnings and about one third of government revenue, according to the specialist publication JCK. Diamond export revenue fell 29% year on year in the first five months of 2026.
The pressure is also visible in mining volumes. De Beers production in Botswana fell 20% in the third quarter to 4.83 million carats amid maintenance work and weak demand.