Debswana Diamond Company Limited, or simply Debswana, is a mining company located in Botswana, and is the world's leading producer of diamonds by value. Debswana operates four diamond mines in the eastern and central parts of Botswana, as well as a coal mine. Debswana is a joint venture between the government of Botswana and the South African diamond company De Beers; each party owns 50 percent of the company. Mines The mines owned and operated by Debswana are: Diamond mines: Orapa diamond mine, opened in 1971 Letlhakane diamond mine, opened in 1975 Jwaneng diamond mine, opened in 1982 Damtshaa diamond mine, opened in 2003 Coal mine: Morupule Colliery, opened in 1973 History Debswana was formed as the De Beers Botswana Mining Company on the 23rd of June 1968, after De Beers geologists identified diamond-bearing deposits at Orapa in the 1960s. Over the next five years, the government of Botswana increased its ownership stake from an original 15 percent to 50 percent. On March 25, 1992, the name of the company was changed to Debswana Diamond Company (Proprietary) Limited. The company’s primary objective is diamond mining and associated processes. Debswana operates the Orapa, Letlhakane, Jwaneng and Damtshaa Mines. The four mines have contributed significantly to Botswana’s socio-economic growth through diamond revenue, transforming the country from an agriculturally based economy in the 1960s to a country that has consistently displayed one of the highest economic growth rates in the world. Debswana unearthed a 1,098 carat diamond in Botswana in June 2021. It is believed to be the third largest gem-quality stone ever to be mined. (Reuters) Production All diamond mining in Botswana is controlled by Debswana; there are no private diamond mining operations in the country. Combined production of the company's four mines totaled 30 million carats , nearly a quarter of the world's annual production of around 130 million carats . The high value per weight of diamonds mined by Debswana has made the company the leading producer of diamonds by value in the world. Debswana is also the second largest producer by volume. Income and profits Economic impact Diamond mining activities have fueled much of the growth in Botswana's economy, allowing it to grow from one of the poorest countries in the world when it became independent in 1966 to a "middle income" nation, with $9,200 per capita income in 2004. The country has an agenda of becoming a "high-income"