BOTSWANA · DIAMONDS
Botswana will double its stake in De Beers, one of the world’s leading producers of natural diamonds, from 15% to 30% and become its largest single shareholder, President Duma Boko told parliament on Monday 9 November 2026. The increase comes as part of the proposed sale of the 85% held by Anglo American, a London-listed mining group, to the Global Diamond Consortium, a group of investors.
For US readers the deal decides who will own De Beers, the best-known name in the diamond trade. It also gives African governments a bigger say in a trade that faces growing competition from lab-grown stones.
Key Facts
- Who President Duma Boko, in his annual State of the Nation Address to parliament on Monday 9 November 2026.
- Stake Botswana’s holding in De Beers rises from 15% to 30% once the deal closes.
- Seller Anglo American, which owns 85% of De Beers and put it up for sale in 2024.
- Buyer The Global Diamond Consortium, led by Gareth Penny, a former De Beers chief executive.
- Open Final signed agreements are still being negotiated.
What Boko Announced
Boko told parliament that when the transaction is complete, Botswana’s shareholding in De Beers will double from the current 15% to 30%. In his words, “Botswana will become the single largest shareholder in De Beers, and with that comes greater influence in the strategic decisions for decades to come.”
He said Botswana would not stand alone, because the governments of Angola and Namibia will take part in the transaction beside it. He described it as the first time the region’s great diamond-producing nations would sit together at the ownership table.
Who Is Selling and Who Is Buying
Anglo American owns 85% of De Beers and put it up for sale in 2024 as part of a wider restructuring. Botswana’s government owns the other 15% and holds a right of first refusal, meaning a right to buy first, on Anglo’s stake, which makes its backing essential for any sale.
The Global Diamond Consortium, led by Gareth Penny, a former De Beers chief executive, was named preferred bidder by a Botswana official in July. Penny said in a statement that the consortium is working with the governments of Botswana, Angola, Namibia and Oman towards becoming co-owners of De Beers.
Anglo American said it will keep working with Botswana, other governments and the consortium towards final signed agreements. Penny said the consortium is focused on finalising agreements with Anglo as soon as possible.
Why It Matters for the Diamond Trade
Botswana already works with De Beers through Debswana, a 50-50 joint venture between the Botswana government and De Beers that runs diamond mines including Jwaneng and Orapa. A larger direct stake would give the government a stronger voice on how the company is run, from mining plans to marketing.
In November 2025 Boko said Botswana was taking steps towards a majority stake in De Beers. A 30% holding is smaller than that, but Boko says it would make Botswana the biggest single owner.
What It Means for You
For US jewellery retailers and investors, the announcement settles one open question, Botswana’s position, but not the others: the final price, the buyers’ financing and the remaining conditions of the sale. Botswana’s backing is key to the sale proceeding.
Botswana’s economy depends heavily on diamonds, so the terms of the deal will also shape its public finances. Travellers and expatriates in Gaborone, the capital, will see no immediate change.
What Is Not Known
No final agreements have been signed, and no closing date has been announced. The shares that Angola, Namibia and Oman will take are not known.
It is also not known how Botswana will fund the extra 15%. Neither the final price nor the consortium’s full list of investors has been confirmed.
More: Botswana news in English, every day from The Rio Times.
Frequently Asked Questions
How much of De Beers will Botswana own?
Botswana will own 30%, up from 15%, once the transaction is complete. President Boko says that would make it the single largest shareholder.
Who owns the rest of De Beers?
Anglo American owns 85% today and plans to sell it to the Global Diamond Consortium, a deal that is not yet signed. Boko said Angola and Namibia will take part, and the consortium says it is also working with the government of Oman.
Is the sale final?
No, the sale is not final. Anglo American says it is still working towards final signed agreements.
Why does Botswana want a bigger stake?
Boko said the stake brings greater influence over strategic decisions for decades. Diamonds have anchored Botswana’s economy and development.
Sources: Address of President Duma Boko to the National Assembly of Botswana, 9 November 2026; Anglo American statement, 9 November 2026; Global Diamond Consortium statement by Gareth Penny, 9 November 2026. Related reading: De Beers sale talks, who runs Botswana’s economy, Botswana politics explained, Angola’s De Beers pact.
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