Botswana plans to double its stake in diamond producer De Beers from 15 per cent to 30 per cent under a proposed sale of the company, President Duma Boko told Parliament on Monday, 9 November 2026, backing a consortium bid for the shares held by Anglo American.
The proposed increase would make Botswana the largest single shareholder in De Beers. The transaction has not been completed, and the expanded holding depends on a final agreement between the parties.
Boko said his government had selected the Global Diamond Consortium as its preferred buyer for Anglo American’s 85 per cent interest. The consortium is led by Gareth Penny, a former chief executive of De Beers, and is seeking investors for the acquisition.
“Botswana’s shareholding in De Beers will double from the current 15%,” Boko told lawmakers. He said the increased holding would give the country greater influence over decisions affecting the diamond business.
Anglo American put De Beers up for sale in 2024 as part of a wider restructuring. The mining group has sought to concentrate on other commodities while the natural-diamond sector contends with weak demand and competition from laboratory-grown stones.
Anglo American said on Monday that it would continue working with Botswana, other governments and the consortium towards binding transaction documents. Its statement makes clear that negotiations are continuing rather than establishing that shares have already changed hands.
Boko also said Namibia and Angola would participate in the transaction. Both are diamond-producing countries, although the details of their proposed involvement, including the size of any eventual stakes, have not been disclosed.
Botswana’s position carries particular weight because of its longstanding relationship with De Beers. The two are equal partners in Debswana, the mining venture responsible for much of Botswana’s diamond production. Their relationship extends beyond share ownership to mining operations, diamond sales and government revenue.
The partners concluded negotiations on a new rough-diamond sales agreement in 2025 and extended Debswana’s mining licences. That agreement concerns marketing and sales of diamonds produced by their joint venture, a separate arrangement from the proposed purchase of Anglo American’s holding in De Beers.
The planned 30 per cent stake would give Botswana a larger ownership position in the international diamond group itself. It would not mean that the country had acquired all of De Beers or that the consortium purchase had already been legally completed.
The ownership discussions come during a difficult period for the natural-diamond market. Weaker luxury demand, particularly in China, and the expansion of laboratory-grown stones have placed pressure on prices and sales. For Botswana, where diamonds are central to exports and public revenue, the downturn has affected the wider economy.
Boko’s government has sought a stronger role in commercial decisions affecting the country’s principal mineral resource. Its support for the consortium gives the prospective buyer an important partner in negotiations over a company whose mining operations are closely connected with southern Africa.
The proposed consortium has attracted interest from investors in the jewellery and diamond trade. Swiss luxury group Richemont has been identified among businesses involved in discussions, but reported interest does not establish that any particular investor has signed a final commitment.
Details of how Botswana would finance its additional holding were not set out in Monday’s announcement. The purchase price, allocation of the remaining shares and final terms remain matters for the transaction parties to settle.
Boko also referred to opportunities connected with Element Six, the De Beers business specialising in synthetic diamonds for industrial applications. That potential technology exposure is distinct from the immediate question of whether the proposed ownership transaction will close.
Any completed sale would reshape ownership of one of the world’s best-known diamond producers. For now, Botswana has announced its intended stake and preferred buyer, while Anglo American and the consortium continue negotiations.
Image: President Duma Boko at an inauguration parade in 2024. Archival photograph via Wikimedia Commons, “Duma Boko inauguration parade.jpg”.
