Botswana is not set to back down from its claim for a bigger share of the diamonds produced by its joint venture agreement with De Beers, according to President Mokgweetsi Masisi.

As it stands, the current sales agreement will come to an end in June.

Botswana and De Beers mine diamonds via a joint venture known as Debswana.

The agreement states that three-quarters of Debswana's production – which last year totalled 24 million carats – is sold to De Beers. Whilst the remainder is sold to state-owned Okavango Diamond Company (ODC), established under the current 2011 sales deal.

Botswana supplies 70% of De Beers' rough diamonds, Reuters news agency reports.

In February, President Masisi threatened to abandon negotiations to renew the deal unless Botswana received a bigger share of output from the joint venture agreement. 

Last week, Botswana's president said the country had denied itself the chance to sell its own diamonds via the 54-year-old agreement.

He went on to say that Botswana could earn more revenue after selling diamonds outside the De Beers system – which focuses on selling rough stones.

"Besides the fact that the diamonds are ours, it doesn't make sense for us to continue to relegate ourselves to participating in the rough space only. So, it's only logical that we want more, and we are going to get more. But through negotiation," Masisi stated.

Following a meeting with the Chief Executive Officer of De Beers, Al Cook and Masisi, Cook said he had a "constructive discussion" with the president.

"It's very clear that, front and foremost in the president's mind is the interest of the Botswana people. We, as De Beers, want to play our role in a strong, strategic partnership. I'm very confident that this partnership will go forward in a very good way," Cook commented.

According to De Beers, Botswana's government receives over 80% of returns from Debswana, including royalties and taxes.