Botswana says it will increase its stake in De Beers to 30% under proposed sale
Botswana plans to double its stake in De Beers to 30% through a proposed Global Diamond Consortium bid to buy Anglo American’s De Beers shares, positioning Botswana as the largest single shareholder in the world’s leading diamond company. The move, announced by President Duma Boko in Parliament, depends on the consortium’s deal, which has not yet closed. Anglo American’s 85% De Beers stake was put up for sale in 2024 as part of a broader minerals-focused restructuring amid a diamond-market downturn. The plan aligns regional producers—Namibia and Angola—with a joint ownership approach, signaling a shift toward local control over their natural resources and potential domestic prosperity, even as demand remains pressured by lab-grown stones and Chinese luxury spending slowdowns. The timeline remains uncertain as negotiations continue.
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Botswana intends to raise its De Beers stake to 30% via a proposed purchase by the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, making Botswana the largest single shareholder.
President Duma Boko announced the plan in a parliamentary speech, noting the consortium’s bid for Anglo American’s De Beers shares is not yet finalized and hinges on ongoing negotiations.
Anglo American put its 85% stake in De Beers up for sale in 2024 as part of a broader restructuring aimed at minerals expected to benefit from the transition to green energy, while the diamond market faces a downturn.
Botswana has long partnered with De Beers through Debswana, and the new deal would deepen local ownership in the mining sector, potentially strengthening national prosperity from diamond resources.
Boko indicated Namibia and Angola would also participate in the deal, suggesting a regional approach to ownership and revenue sharing of diamond resources.
Analysts cite a downturn in the global natural diamond industry, driven by competition from lab-grown stones and softer luxury demand in China, as a key backdrop to the negotiations.