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One of the diamond industry’s most consequential ownership shifts is within reach, with Botswana seeking to increase its stake in De Beers from 15% to 30%. If completed, the transaction would make the country the company’s largest single shareholder, strengthening its influence over strategic decisions and the future direction of the global natural diamond industry.
President Duma Boko announced the decision during his State of the Nation Address on 9 November 2026, confirming that the Government intends to double its existing shareholding through the proposed acquisition involving the Global Diamond Consortium, which has been selected as the preferred bidder for Anglo American’s 85% interest in De Beers. “It is the duty of the Government of this Republic to see that the country’s resources continue to serve its people,” said Boko.
The proposed transaction follows months of evaluation and negotiations, with the Government identifying long-term profitability, greater national influence, local beneficiation and financial prudence as central considerations. Angola and Namibia are also expected to participate, introducing a stronger regional dimension to the future ownership of the diamond business. The proposed increase by Botswana represents a significant development in a partnership that has been central to its diamond economy for decades. The country acquired its original 15% stake in De Beers 25 years ago and has since maintained a strategic relationship with the company, which remains closely linked to Botswana’s position in the global diamond industry.
The Global Diamond Consortium has welcomed the announcement, describing Botswana’s support as an important endorsement of its proposed acquisition and vision for the industry. Chairman of the Consortium, Gareth Penny, thanked the governments of Botswana, Angola, Namibia and Oman for their support and partnership as the parties work towards becoming co-owners of De Beers. “Botswana’s support represents a significant endorsement of our vision for the industry’s future and we would like to extend our thanks to President Boko for the pivotal role he has played. Together, we believe we can create a new chapter for this iconic business, one defined by strategic clarity between producing countries and the wider value chain, stronger consumer connection, and sustained growth in demand for natural diamonds. We remain focused now on finalising agreements with Anglo American as soon as possible,” said Penny.
The proposed ownership structure could also create opportunities beyond conventional diamond production and trading. Boko highlighted the potential for advanced technology development through De Beers’ Element Six business, which specialises in synthetic diamond technology. This introduces an additional industrial dimension to the transaction, particularly around the potential development of technological capabilities and higher-value applications.
De Beers Chief Executive Officer Al Cook also welcomed Botswana’s intention to increase its ownership position, recognising the country’s longstanding contribution to the business. “De Beers has led the diamond industry since 1888 and we welcome owners that share both deep experience of diamonds and high ambitions for what we can achieve. Consumers take more and more of an interest in the places their diamonds come from and I am sure that such new ownership of De Beers will give them confidence that the diamonds they acquire are as responsible as they are beautiful,” said Cook.
The strategic significance for Botswana extends beyond acquiring a larger financial interest. A 30% stake would give the country greater influence within De Beers and potentially strengthen its position in discussions concerning diamond production, market development, beneficiation and the long-term sustainability of the natural diamond business. However, the transaction has not yet been completed. Anglo American continues to lead the sales process, with binding transaction documents still to be agreed. The final ownership arrangements, financial commitments and governance implications will therefore become clearer as negotiations progress.
