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Botswana is actively pursuing the acquisition of a majority stake in De Beers, a move that intensifies a regional contest with Angola over control of the global diamond giant. The nation’s President, Duma Boko, confirmed the strategic intent during his State of the Nation Address on Monday, underscoring the company’s importance as a key national asset despite prevailing challenges in the global diamond market.
President Boko told lawmakers in Gaborone that concrete steps are “underway towards the acquisition of Anglo American’s shares in De Beers,” without revealing specific financial or procedural details of the bid. Botswana currently holds a 15% stake in De Beers, but its significance far outweighs that minority share, as the country is responsible for generating 70% of the company’s annual rough diamond production. This deep-rooted strategic relationship is fueling Botswana’s drive to secure outright control, viewing the company as critical to its long-term economic stability, even as low global diamond prices continue to pressure the nation’s economy.
Botswana’s accelerated push follows a rival bid announcement from Angola, which has also signaled its intention to control the giant diamond company. This high-stakes economic rivalry between the two regional allies has sparked fears of a potential standoff. The mining ministers from both nations met in Gaborone on November 7 to discuss the complex situation. While Botswana’s officials did not publicly address the rival bids following the meeting, Angola’s mines ministry acknowledged that the discussions centered on the shared interest in the diamond sector’s future.
Despite the intense focus on De Beers, President Boko emphasized that diamonds will remain a major contributor to growth for the foreseeable future. However, he reaffirmed the government’s commitment to diversifying its mining sector beyond diamond dependence to ensure a more resilient and multi-faceted national economy. The successful acquisition of Anglo American’s share would fundamentally reshape the global diamond landscape, cementing Botswana’s role as the preeminent power in the rough diamond industry.
