President Advocate Duma Gideon Boko has announced that Botswana intends to acquire a controlling stake in Debeers by the end of October.
Speaking in an interview with Bloomberg Television, President Boko who is in New York, USA for the 80th Session of the United Nations General Assembly, said Anglo American holds 85% stake in De Beers while Botswana government holds 15%. However, he stated that Botswana has communicated its intentions to acquire more than 50% shareholding in De Beers. ” We are resolute now, and we have communicated our firm intention to increase our stake in De Beers to a controlling stake that is upwards of 50%,” said Boko. He said they intend to even go higher than that to gain effective control of the diamond industry. He noted that as Botswana, they want their voice to be heard.
Boko stressed that it was a matter of economic sovereignty for Botswana, and it was critical. Therefore, for the nation to play an active role.
To this end, President Boko disclosed that the government has lined up a list of potential funders, including the Oman sovereign wealth fund, amongst others. He stated that as government, they remained more than ready for the transaction and wished to complete it by the end of October 2025.
Botswana’s move to acquire a major stake in De Beers comes against the backdrop of the ongoing Ango American restructuring, which began more than a year ago. In part, Anglo American’s decision was also due to diamonds hitting a slump in the past few years and competition from Lab-Grown Diamonds /Synthetics.
Consequently, this came as a blessing in disguise for Botswana. With Anglo American moving to divest its 85% stake in De Beers, Botswana has, on the other hand, seized it as an opportunity to increase its influence in the diamond markets. Currently, talks are ongoing with Botswana as well as other interested buyers, but nothing concrete has been reached.
Despite the current economic headwinds, with diamond markets facing a prolonged period of decline, Botswana remains hopeful for a brighter day. Diamonds contribute to more than 80% of the country’s total exports and has by far been the backbone of the landlocked Sub-Saharan nation.
