Botswana to Double Its Stake in De Beers to 30%, Set to Become Diamond Giant’s Largest Shareholder

The proposed transaction, involving Anglo American’s 85% interest in De Beers and the Global Diamond Consortium, could significantly reshape the ownership structure and strategic direction of the global diamond industry.

Botswana is set to strengthen its influence over the global diamond industry, with President Duma Boko announcing plans to double the country's shareholding in De Beers from 15% to 30% as part of the proposed sale of Anglo American's stake in the diamond company.

The announcement, made during Botswana's State of the Nation Address on Monday, signals the country's support for the proposed transaction involving the Global Diamond Consortium (GDC), led by former De Beers CEO Gareth Penny. The consortium has emerged as the preferred bidder for Anglo American's 85% interest in De Beers, with regional participation also expected from partners including Namibia and Angola.

Upon completion of the transaction, Botswana would become the single largest shareholder in De Beers, marking a significant shift in the company's ownership structure and giving the country greater influence over its long-term strategic decisions.

President Boko highlighted the importance of the development, stating that Botswana's increased participation would allow it to play a more influential role in shaping the future of the iconic diamond business. He emphasised that the country would have a stronger voice in decisions affecting the company and the diamond industry for decades to come.

Botswana's support is particularly significant for the transaction, given that the country holds the right of first refusal over Anglo American's stake in De Beers. Its endorsement therefore represents an important step towards advancing the proposed ownership transition.

Responding to the President's announcement, De Beers Group CEO Al Cook welcomed Botswana's intention to increase its shareholding. He noted that the country acquired its existing 15% stake 25 years ago and has since played an integral role in shaping the company.

Cook also highlighted the importance of having shareholders with a deep understanding of the diamond industry and ambitious plans for its future. He added that consumers are increasingly interested in the origins of their diamonds, expressing confidence that the proposed ownership structure could further strengthen consumer trust in the responsible sourcing of natural diamonds.

The proposed sale comes at a pivotal time for the global diamond industry. Anglo American initiated the divestment process in 2024 as part of a broader corporate restructuring, against a backdrop of subdued natural diamond prices, changing consumer preferences and increasing competition from laboratory-grown diamonds.

For Botswana, the proposed increase in ownership carries considerable economic and strategic importance. Diamonds have long been central to the country's economy, supporting government revenues, employment and international trade. A larger stake in De Beers could provide greater participation in the value creation and strategic direction of one of the world's most influential diamond companies.

For the wider industry, the development could mark the beginning of a new chapter for De Beers, with a stronger role for diamond-producing nations in its ownership and governance. It also brings renewed attention to the relationship between producing countries, mining companies and the global natural diamond supply chain.

While the proposed transaction is yet to be formally concluded, the support expressed by Botswana's leadership provides an important indication of the direction in which the process is moving.

Anglo American continues to lead the sale process. Al Cook indicated that formal announcements would be made as appropriate, noting that agreements relating to the transaction are still being worked on.

If completed as proposed, the deal would represent one of the most consequential ownership developments in De Beers' history, placing Botswana at the centre of the company's next phase.