Botswana will double its stake in De Beers to 30% under Anglo American’s planned sale of the diamond producer, President Duma Boko told parliament on Monday, in a deal that would make the southern African country the miner’s largest single shareholder.
Boko said in his State of the Nation address in Gaborone that Botswana had selected the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny, as its preferred bidder for Anglo American’s 85% holding. “Botswana’s shareholding in De Beers will double from the current 15%. Botswana will become the single largest shareholder in De Beers,” he said.
Botswana’s backing is essential to the sale going ahead. The country holds a right of first refusal over Anglo’s stake, giving it an effective veto over any buyer. Boko also said the governments of Namibia and Angola, where De Beers also operates mines, would take part in the transaction.
Anglo American put De Beers up for sale in 2024 as part of a wider restructuring, as diamond prices fell and demand for cheaper lab-grown stones grew. The miner has written the business down three times in three years, most recently valuing its carrying value at $2.3 billion in February. The consortium’s offer has been reported at about $1 billion.
The Global Diamond Consortium is a group of diamond industry veterans assembled by Penny, and talks are under way for luxury group Richemont, owner of Cartier, to join it. Richemont has not confirmed its participation, and no price or final terms have been disclosed.
Botswana bought its existing 15% stake 25 years ago, and diamonds remain the backbone of its economy. A bigger holding would give Gaborone far greater say over the strategic direction of a company whose mines underpin much of the country’s export earnings and government revenue.
The deal is not yet done. No binding sale agreement has been signed and no completion date has been announced. Anglo said on Monday it would keep working with Botswana, the other governments and the consortium towards agreeing binding transaction documents, so the 30% stake remains a stated plan until those documents are signed.
Sources: Reuters (https://www.lse.co.uk/news/botswana-will-increase-stake-in-de-beers-to-30-president-says-qfn38ne6xh48hci.html); Business Day (https://www.businessday.co.za/companies/2026-11-09-botswana-to-double-de-beers-stake-in-anglo-sale/); JCK Online (https://www.jckonline.com/editorial-article/botswana-de-beers-consortium/)
