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Botswana Moves to Double Its De Beers Stake to 30 Percent

Botswana owns 15 percent of De Beers and will double that to 30 percent, President Duma Boko told parliament on 9 November. Binding contracts with Anglo American and the Global Diamond Consortium have yet to be signed.

Eva Winterer

Botswana will double its stake in De Beers from 15 to 30 percent, President Duma Boko told parliament on 9 November, Reuters reported. Boko said the country would become the company’s “single largest shareholder”, according to Bloomberg. Botswana has chosen to buy through the Global Diamond Consortium, led by the former De Beers chief executive Gareth Penny. Anglo American picked the consortium in July as its preferred bidder for its 85 percent stake. Anglo said it was encouraged by the progress and is still working with the governments and the consortium on binding contracts.

● In brief

The stake. Botswana took 15 percent of the mining company it formed with De Beers in 1969, today’s Debswana. It has held 15 percent of De Beers itself since 2001.

The price. Anglo American paid 5.2 billion dollars for 40 percent of De Beers in 2012. The consortium’s offer for Anglo’s 85 percent is worth about 1 billion dollars, Bloomberg reported in July. Anglo has already written the business down to 2.3 billion dollars.

The partners. Namibia and Angola sit alongside Botswana in the consortium. In mid-October Bloomberg reported that Richemont, the owner of Cartier, and Signet Jewelers were in advanced talks to join.

The economy. Diamonds bring in about a third of Botswana’s government revenue. Value added in mining fell 47 percent year on year in the last quarter of 2025. In March, S&P cut Botswana to BBB-, the lowest investment-grade rating, with a negative outlook.

  • A technician in an orange safety suit and hard hat checks papers at a control desk lined with monitors. Botswana now plans to double its stake in De Beers from 15 to 30 percent. Courtesy of De Beers Group
  • A single-engine survey plane banks across a low red sun above a hazy plain. Whoever controls De Beers decides where the search for the next deposits goes. Courtesy of De Beers Group

    A De Beers mine control room. · An exploration aircraft at sunset. Courtesy of De Beers Group.

    ● Why it matters

    Botswana is buying more of De Beers while diamonds earn the state less than it budgeted for: mineral revenue for 2025/26 was revised to 12.06bn pula, from 15.75bn in the budget. In October 2025 Boko told Bloomberg Television the deal was “a matter of economic sovereignty for Botswana”. At the time he wanted majority control. In October this year, Bloomberg put Botswana’s share at about 25 percent. In parliament he named 30.

    How the rest is shared remains open. The structure Bloomberg reported in October gave the three governments 49 percent between them and private investors 51. Namibia’s cabinet backed a bid for 10 to 15 percent in 2025. Angola said in February it wanted 20 to 30. If the states stay below half, Namibia and Angola would share about 19 percent.

    The next step is a signature. In July, Botswana’s government expected the sale to close in the fourth quarter. In December, De Beers is expected to give its buyers their 2027 allocations of rough, the first sales round since Boko named 30 percent.

    Aerial view of a sandy track through green bush. Courtesy of De Beers GroupContinue · The readingBotswana Doubles Down on De Beers at the Bottom of the Diamond MarketThe country is buying at a fraction of the 2012 price, after two years in which diamonds pushed its economy into contraction.Read on →

    Sources

    • CNBC Africa (Reuters), Botswana will increase stake in De Beers to 30%, president says, 9 November 2026: cnbcafrica.com
    • Bloomberg, Botswana Agrees to Raise De Beers Stake, Easing Anglo’s Exit, 9 November 2026: bloomberg.com
    • Finimize, Botswana is set to become De Beers’ biggest shareholder, 9 November 2026: finimize.com
    • Mining Weekly (Reuters), Botswana says Anglo picks De Beers buyer, 17 July 2026: miningweekly.com
    • Inc., the former De Beers chief betting on a comeback, 30 July 2026: inc.com
    • Swissinfo (Bloomberg), Richemont and Signet in talks to join bidder for De Beers, 15 October 2026: swissinfo.ch
    • The Botswana Gazette, Botswana eyes 25% as luxury giants jostle for De Beers ownership, 22 October 2026: thegazette.news
    • Mmegi, Angola entry heats up De Beers’ bidding war, 2 October 2025: mmegi.bw
    • Mmegi, Namibia throws hat into De Beers ring, 18 November 2025: mmegi.bw
    • Mining Weekly (Reuters), Angola seeks 20–30% stake in De Beers, 9 February 2026: miningweekly.com
    • Mmegi, Still sparkling, forty-five years on, 14 November 2014: mmegi.bw
    • BusinessDay (Reuters), Mining slump a major reason for Botswana’s shrinking economy, 31 March 2026: businessday.co.za
    • allAfrica, Botswana’s economy and the S&P downgrade, 26 May 2026: allafrica.com
    • Government of Botswana, Budget Speech 2026: bankofbotswana.bw
    • Rapaport, De Beers holds prices steady at small October sight, 2 November 2026: rapaport.com