Botswana plans to double its ownership stake in global diamond producer De Beers to 30%, potentially becoming the company's largest single shareholder as part of a proposed sale by mining group Anglo American.
President Duma Boko announced the government's support for the proposed transaction in Parliament on November 9, saying the move would give Botswana greater influence over the company's strategic decisions, Reuters reported.
Anglo American is seeking to sell its 85% holding in De Beers, which it put up for sale in 2024 amid declining diamond prices and growing competition from laboratory-grown stones. The Global Diamond Consortium, led by former De Beers chief executive Gareth Penny, has been selected as the preferred buyer.
Under the proposed arrangement, Botswana's existing 15% stake would increase to 30% once the transaction is completed. The government has endorsed the consortium's proposal, although final binding agreements have yet to be concluded.
Boko also said that Namibia and Angola would participate in the transaction, potentially giving major diamond-producing countries in Southern Africa a stronger role in the ownership of the company.
Botswana has a long-standing partnership with De Beers through Debswana, a joint venture that operates the country's largest diamond mines. The government sees the proposed investment as an opportunity to strengthen its position across the diamond value chain and secure greater participation in strategic decisions.
The country's diamond sector remains central to its economy, although the global natural diamond market has faced pressure from competition with synthetic stones and weaker luxury demand in China. The proposed transaction represents a significant step in Botswana's efforts to retain greater influence over the resources that underpin its mining industry.
