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.

Experts have welcomed the signing of a long-delayed rough diamond sales agreement between Botswana and South African mining giant De Beers. Representatives of the Botswana government and De Beers put pen to paper Tuesday on a 10-year deal following six years of negotiations.

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.

As part of the deal, Botswana's share of diamonds from Debswana, a joint venture with De Beers, will rise from 25% to 50%.

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.