Wayne Lumbasi
Botswana is moving to significantly increase its control over the global diamond industry, announcing plans to double its ownership stake in diamond giant De Beers from 15% to 30% as part of a proposed sale of Anglo American’s controlling interest in the company.
President Duma Boko announced the decision on Monday, November 9, 2026, during his State of the Nation address to Parliament. He said the move would make Botswana the single largest shareholder in De Beers, giving the diamond-producing country greater influence over the company’s strategic decisions.
The announcement comes as Anglo American, which owns 85% of De Beers, advances plans to sell its controlling stake to the Global Diamond Consortium, a group led by former De Beers chief executive Gareth Penny. Botswana has endorsed the consortium as its preferred buyer, clearing an important hurdle in the proposed transaction
Anglo American Prepared To Leave De Beers.
Anglo American announced plans to sell its 85% holding in De Beers in 2024 as part of a wider corporate restructuring. The company has been shifting its focus towards copper and other minerals while seeking to exit the diamond business amid a prolonged downturn in the natural diamond market.
The proposed buyer, the Global Diamond Consortium, is led by Gareth Penny, who previously served as De Beers chief executive. The consortium brings together investors and companies from different parts of the international diamond industry.
Swiss luxury group Richemont, which owns prestigious jewellery brands including Cartier and Van Cleef & Arpels, has been in discussions about joining the consortium. Diamond trading companies including Diarough, Pluczenik and Grandview Klein Diamonds have also been linked to the proposed ownership arrangement. Business .
The transaction has not yet been finalized. Anglo American says it will continue working with Botswana, other participating governments and the consortium to agree on binding transaction documents.
Namibia & Angola Also Set To Participate
Botswana’s plans extend beyond increasing its own shareholding. President Boko said neighbouring diamond-producing countries, including Namibia and Angola, would also participate in the proposed ownership arrangement.
The development could mark a significant change in the ownership structure of one of the world’s most recognised diamond companies, bringing southern African producing nations closer to the centre of decisions concerning the resources extracted from their territories.
Boko described the arrangement as an opportunity for African diamond-producing countries to have a stronger voice in the company responsible for marketing their natural resources.
“For the first time, the great diamond-producing nations of our region will sit together at the ownership table,” Boko said, emphasising the importance of ensuring that local resources contribute to local prosperity.
Beyond Diamonds: Botswana Eyes Technology Opportunities
Botswana’s proposed investment also comes with ambitions beyond traditional diamond mining. De Beers owns Element Six, a business specialising in synthetic diamonds and advanced industrial materials. These materials have applications in high-performance computing, electronics and other advanced technologies.
President Boko confirmed that Element Six would participate in a planned $600 million synthetic diamond manufacturing facility in the United States.
He also revealed discussions with the US government over a potential technology partnership involving synthetic diamonds, which could create opportunities in industries benefiting from the expansion of artificial intelligence and data centres.
Boko argued that Botswana’s investment in De Beers should therefore be viewed not only as an investment in natural diamonds but also as an opportunity to participate in emerging technological industries.
A Diamond Industry Facing Major Challenges
The proposed ownership changes come at a difficult period for the global natural diamond industry. De Beers has faced declining sales and falling diamond prices as consumers increasingly turn to laboratory-grown diamonds, which are generally cheaper than naturally mined stones.
Weaker luxury spending, particularly in China, has added pressure to the market. Botswana, whose economy heavily depends on diamond production and exports, has also experienced economic difficulties following the decline in diamond revenues.
By increasing its stake in De Beers, Botswana is seeking greater influence over the future of an industry that has played a central role in its economic development.
The proposed transaction could reshape the relationship between international mining companies and African resource-producing countries, although its final ownership structure and completion remain subject to negotiations.
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