The key facts

  • Botswana will increase its stake in De Beers from 15% to 30% and become the company's single largest shareholder
  • President Boko's statement is direct support for former De Beers chief Gareth Penny's Global Diamond Consortium bid for the 85% stake put up for sale by Anglo American in 2024
  • Namibia and Angola are named as participants in the deal; Richemont was reported to be in talks to join

Botswana to double its stake in De Beers

Botswana will increase its stake in diamond producer De Beers to 30%, doubling its current holding. President Duma Boko announced this on Monday in an address to parliament in Gaborone, Anadolu reports. After the revision, Botswana will become the single largest shareholder of De Beers and will gain greater influence over the decisions of the unit.

Statement made in connection with the Anglo American deal

The president's address amounted to Botswana's direct backing of the bid by Global Diamond Consortium — a group led by former De Beers chief Gareth Penny — for the 85% stake put up for sale by Anglo American in 2024 as part of a broader restructuring amid falling diamond prices. Anglo American said the same day that it would continue working with Botswana, other governments and the consortium on agreeing binding transaction documents.

Neighbours' participation and the technology component

Boko noted that neighbouring Namibia and Angola will also take part in the De Beers deal. According to him, the country's investment is a commitment not only to natural diamonds but also to technology: the stake in De Beers gives Botswana access, among other things, to Element Six, the company's synthetic diamonds business. In addition, the Swiss luxury group Richemont, the owner of Cartier, is named among the companies negotiating to join the consortium.