African Diamonds in gem of a deal with De Beers

JOHN TEELING’S African Diamonds has linked up with De Beers, the South African group that controls 60% of the diamond market, to explore Botswana for the gems.

The deal is a major boost for tiny African Diamonds, which holds several licences to explore for diamonds in Botswana.

It has formed a joint venture company with De Beers holding 51% of the shares and will fund the exploration of new mines. Depending on the size and quality of any diamond find, De Beers will increase its stake in the joint venture company and its profits.