One of the main criticisms is that the diamond industry has made Botswana too dependent on a single commodity. This has made the country vulnerable to fluctuations in the global diamond market, and has limited the country's ability to diversify its economy.

Botswana’s president courts Oman amid De Beers’ control battle

For over fifty years, the southern African nation of Botswana and the diamond titan De Beers have shared what many have called a model partnership. Since 1969, the two have co-owned Debswana, a 50:50 joint venture that operates the world's richest diamond mines. Botswana transformed from one of the world's poorest countries into a middle-income nation, with diamonds paying for roads, schools, and hospitals.

However, as the mines grow deeper and more expensive to operate—such as the massive underground expansion project at Jwaneng—the old model of simply taxing raw extraction is no longer sustainable.

The debate over whether Botswana is getting a raw deal ultimately forces the nation to look toward a future where it is less dependent on a single corporate partner—and a single commodity.

By taking these steps, Botswana can ensure that it gets a fair deal from De Beers diamonds and that the industry benefits both the company and the country.

The biggest argument for the "raw deal" theory isn't necessarily De Beers' greed, but the timing of the market. Botswana is fighting for a larger share of a natural diamond market that is facing an existential crisis from Lab-Grown Diamonds (LGDs).

Botswana finds itself in a tragic irony. It needs to buy De Beers to escape a raw deal, but the financial devastation caused by the current raw deal—the collapsing revenues, the job losses, the fiscal deficits—may have already left it too poor to afford the purchase.

Under the new terms, Botswana has clawed back a larger share of the supply. For the first five years, ODC will sell 30% of Debswana’s output. In the second half of the decade, that figure rises to 40%. Furthermore, the deal stipulates that by the final phase of the contract in 2035, ODC’s share will eventually reach 50%.

However, critics argue that "production parity" does not equal "value parity." While Botswana gets half the rough diamonds, De Beers has historically controlled the pipeline : the sorting, valuing, marketing, and selling.