Botswana is taking formal steps to acquire a controlling stake in global diamond giant De Beers, a move that could reshape the balance of power in the international diamond industry.
President Duma Boko told Parliament during his State of the Nation Address that the government is pursuing the purchase of additional shares currently held by Anglo American, which owns 85% of De Beers. Botswana already holds a 15% stake and supplies roughly 70% of the company’s rough diamond production.
Boko said securing greater ownership was part of a broader national strategy to safeguard economic interests tied to diamonds, even as the country works to diversify its mining and export base.
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“Concrete steps are underway towards acquiring Anglo American’s shares in De Beers,” he said, though he did not disclose the size of the potential purchase or its timeline.
The announcement comes amid reports that Angola is also interested in securing a stake in De Beers.
Mining ministers from Botswana and Angola met recently in Gaborone, but neither government has clarified how their respective ambitions might affect regional relations or negotiations.
Anglo American is divesting from De Beers as part of a shift toward metals critical to clean energy technologies, especially copper. The company has valued De Beers at approximately US$4.9 billion.
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