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The government of Botswana has set an ambitious end-of-October deadline to secure majority ownership of De Beers, a move President Duma Boko says is critical for the country’s economic sovereignty as diamond markets remain under strain.
Speaking to Bloomberg Television in New York, Boko confirmed that his government is in talks with Anglo American, which currently holds an 85% stake in De Beers while also negotiating financing with Oman’s sovereign wealth fund and other potential partners. Botswana already owns the remaining 15% of the world’s most famous diamond company. “We are more than ready for the transaction and we’ve said the transaction must be concluded by the end of October. It’s a matter of economic sovereignty for Botswana,” said Boko.
The push comes as the country faces mounting financial pressures from plummeting diamond revenues. Diamonds make up around 80% of Botswana’s exports and a third of government income, leaving the economy acutely exposed to market downturns. The slump has been compounded by growing competition from laboratory grown stones, which are eroding natural diamond sales. For Anglo American, a sale would mark the end of a 16 month divestment process. The London-listed miner, which valued De Beers at US$4.9 billion in February, has been reshaping its portfolio under sustained market headwinds.
Boko argues that majority control would allow Botswana not only to better protect its economic interests but also to actively shape the global diamond narrative by promoting natural stones over synthetic rivals and strengthening the country’s influence on international supply chains. He has also opened discussions with US Commerce Secretary Howard Lutnick on removing tariffs on diamond imports. The urgency is underscored by Botswana’s fragile fiscal position. In August, Boko’s administration declared a public health emergency linked to the broader economic crisis, adding political weight to his October deadline.
