Botswana has signed a revised deal with mining giant De Beers, that will see the country's share in diamond production increase from 25% to 50% within the next decade.
Reuters says the Southern African nation is the world's biggest producer of diamonds and De Beers has been under pressure from falling prices and growing competition.
The two parties - jointly known as Debswana - have also agreed on a 25-year extension to DeBeers' mining licences.
They say it reflects the aspirations of the people of Botswana and propels both Botswana and De Beers forward.