Botswana to Double Its Stake in De Beers to 30% in Landmark Diamond Deal

Botswana is about to become the biggest single owner of De Beers, the world’s most famous diamond company. President Duma Boko told parliament on Monday, 9 November 2026, that Botswana will double its stake in De Beers from 15% to 30%, backing a deal that would end Anglo American’s long control of the diamond giant.

The announcement, made during Boko’s State of the Nation address in Gaborone, is one of the biggest business stories in Botswana’s history. Diamonds are the backbone of the country’s economy — its biggest export and a major source of government income. Owning nearly a third of De Beers would give Botswana more power than ever before over the company that mines its diamonds.

“Botswana’s shareholding in De Beers will double from the current 15%. Botswana will become the single largest shareholder in De Beers,” Boko told parliament.

He added that the bigger stake would give the country “greater influence in the strategic decisions for decades to come.”

What exactly did Botswana announce?

Boko’s announcement had two parts.

First, Botswana supports the sale of Anglo American’s 85% stake in De Beers to a group called the Global Diamond Consortium. The consortium is led by Gareth Penny, a former chief executive of De Beers. Boko said the government had selected the consortium as its preferred bidder for Anglo’s stake.

Second, when the deal is completed, Botswana’s own holding in De Beers will rise from 15% to 30%. That would make the Botswana government the company’s largest single shareholder.

Boko also confirmed that the governments of Namibia and Angola would take part in the transaction. Both countries have De Beers mining operations on their soil. The exact size of their stakes has not been disclosed.

De Beers chief executive Al Cook was in parliament to hear the speech, a sign of how important the moment was for the company.

It is important to be clear about one thing: the deal is not finished yet. No binding sale agreement has been signed. Anglo American said on Monday that it would keep working with Botswana, the other governments and the consortium to agree the binding transaction documents. Until those papers are signed, the 30% stake is a plan, not a done deal.

Why Botswana’s backing matters so much

Botswana’s support was essential for this sale to move forward, because the country holds a right of first refusal over Anglo American’s stake in De Beers.

In plain English, a right of first refusal means Botswana gets the first say on any sale. Before Anglo can sell its 85% stake to anyone else, Botswana has the right to match the deal or approve the buyer. In practice, that gave the government a veto over who takes control of De Beers.

That is why Boko’s announcement matters. By publicly backing the Global Diamond Consortium and naming it as the preferred bidder, Botswana has cleared the biggest obstacle in the way of the sale.

The country bought its 15% stake in De Beers 25 years ago. Doubling it now is a major step. As the largest single shareholder, Botswana would have a stronger voice in how De Beers is run — from where it invests, to how it sells diamonds, to how it responds to the rise of laboratory-grown stones.

Who is buying De Beers?

The buyer is the Global Diamond Consortium, a new group of diamond industry investors led by Gareth Penny, who used to run De Beers as its chief executive.

The consortium became the leading bidder over the summer. A Botswanan government official said in July that the miner had chosen the consortium as its preferred bidder, and Boko’s speech on Monday confirmed that choice in public.

The group is not acting alone. Luxury group Richemont — the Swiss company behind Cartier, Van Cleef & Arpels and Buccellati, owned by South African billionaire Johann Rupert — has been in talks since mid-October to join the consortium, alongside the American jewellery retailer Signet Jewelers, which owns Kay, Zales and Jared. The size of any stake Richemont might take has not been disclosed.

The price of the deal has also not been officially confirmed. The offer has been reported at about $1 billion, including $750 million paid upfront and $250 million paid later. That figure comes from news reports, not from Anglo American or the consortium, so it should be treated as unconfirmed until the binding documents are published.

Why is Anglo American selling De Beers?

Anglo American put De Beers up for sale in 2024 as part of a wider restructuring of the mining group. The diamond business has had a difficult few years.

Diamond prices have been falling. At the same time, laboratory-grown diamonds — stones made in factories that look the same as mined diamonds but cost much less — have become more popular, especially with younger buyers. That has put pressure on the price of natural diamonds.

De Beers has been hit hard. Anglo American has cut the value of De Beers on its books three times in three years. In February 2026, it reduced the carrying value of the business to $2.3 billion. A carrying value is the figure a company records in its accounts for what an asset is worth — cutting it is an admission that the business is worth less than previously thought.

Anglo’s chief executive, Duncan Wanblad, said in July that the company was not tied to any single buyer, and the sale process has taken months. The backing of Botswana — the country where most of De Beers’ diamonds come from — was always going to be the key step.

De Beers is one of the world’s leading diamond companies, with mines and exploration work spanning Botswana, Namibia, Angola, South Africa and Canada. But Botswana is its heartland.

What diamonds mean for Botswana

To understand why this deal matters so much, it helps to know what diamonds mean to Botswana.

Botswana is one of the world’s biggest diamond producers. The stones are dug from huge open-pit mines, including Jwaneng — often described as the richest diamond mine in the world by value — and Orapa. The mines are run by Debswana, a joint venture between the Botswana government and De Beers.

Diamonds are the backbone of the economy. They are the country’s biggest export, and the money they bring in pays for a large share of government spending — schools, hospitals, roads and public-sector wages. When diamond prices fall, the whole country feels it. When they rise, the government has more money to spend.

That is why control matters. For decades, Botswana has earned money from diamonds mainly through taxes and its share of Debswana’s profits, while Anglo American controlled De Beers itself. A 30% stake in De Beers would give Botswana a direct say in the company that decides how its diamonds are mined, marketed and sold around the world.

It is also part of a wider trend across Africa, where governments are pushing for a bigger share of the value of the minerals dug from their soil, rather than simply collecting royalties while foreign companies take the profits.

What happens next

Several steps remain before the deal is complete.

First, Anglo American, the Botswana government, the other governments and the Global Diamond Consortium must agree the binding transaction documents. Anglo said on Monday that work on those documents is continuing, but it gave no date for when they might be signed.

Second, the final ownership split must be settled. Botswana’s 30% is clear, but the size of the stakes for Namibia and Angola, and for the private investors in the consortium, has not been disclosed.

Third, the deal will need regulatory approvals in the countries where De Beers operates. That process can take months.

Earlier reporting suggested the sale could be completed in the final quarter of 2026, but with no binding agreement yet signed, that timetable is uncertain. What is certain is that Botswana has now made its position public, and the direction of travel is clear: the country wants a bigger share of the diamond company built on its stones.

Why this matters beyond Botswana

The De Beers sale is being watched far beyond southern Africa, for three reasons.

The first is what it says about the diamond industry. De Beers has dominated the diamond trade for more than a century — it once controlled the supply of most of the world’s diamonds. Its sale, and the rise of laboratory-grown stones, mark the end of an era in which one company set the rules for the whole industry.

The second is what it says about who owns Africa’s mineral wealth. Botswana’s move follows a pattern seen in other resource-rich countries, where governments are demanding a bigger stake in the companies that extract their minerals. If the deal goes through, Botswana will be the largest single shareholder in one of the world’s most famous mining companies — a powerful example for others.

The third is what it means for the people of Botswana. Diamonds have paid for much of the country’s development since independence, helping to build one of Africa’s most stable economies. A bigger stake in De Beers could mean more influence over the industry’s future — and more of the profits staying in the country where the diamonds come from.

For now, the deal is a promise, not a completed sale. But Boko’s speech in parliament made one thing clear: Botswana intends to take it.

Frequently asked questions

What did Botswana announce about De Beers?

President Duma Boko told parliament on 9 November 2026 that Botswana will double its stake in De Beers from 15% to 30%, and that the government backs the sale of Anglo American’s 85% stake to the Global Diamond Consortium.

Who leads the Global Diamond Consortium?

The consortium is led by Gareth Penny, a former chief executive of De Beers. Luxury group Richemont and American jeweller Signet Jewelers have been in talks to join it.

How much is the deal worth?

The price has not been officially confirmed. News reports have put the offer at about $1 billion, including $750 million upfront and $250 million deferred. Anglo American cut De Beers’ carrying value to $2.3 billion in February 2026.

Is the sale complete?

No. No binding sale agreement has been signed yet. Anglo American says it is still working with Botswana, other governments and the consortium to agree the binding documents.

Why is Anglo American selling De Beers?

Anglo put De Beers up for sale in 2024 as part of a wider restructuring. Diamond prices have been falling, and laboratory-grown diamonds are competing with natural stones. Anglo has written down the value of De Beers three times in three years.

Why do diamonds matter so much to Botswana?

Diamonds are the backbone of Botswana’s economy — its biggest export and a major source of government income. The country’s richest mines, including Jwaneng, are run by Debswana, a joint venture between the government and De Beers.

Which other countries are involved in the deal?

President Boko confirmed that the governments of Namibia and Angola will also take part in the transaction. The size of their stakes has not been disclosed.

Conclusion

Botswana’s announcement on Monday was more than a business deal. It was a statement about who should control the wealth that comes out of the country’s ground.

For decades, Botswana has been one of the world’s great diamond producers without owning a controlling say in the company that sells its stones. A 30% stake — making it De Beers’ largest single shareholder — would change that balance.

There is still work to do. Binding agreements must be signed, ownership shares settled and regulators satisfied. The reported $1 billion price is unconfirmed, and the timetable is uncertain.

But the direction is now clear. Botswana has chosen its buyer, backed the deal in public and set out its price: a doubled stake and a seat at the top table of the diamond industry. If the deal completes, the country that digs up the diamonds will finally be the biggest owner of the company that sells them.

Sources

• Reuters, “Botswana will double De Beers stake to 30% as part of Anglo stake sale”, 9 November 2026: https://www.reuters.com/world/africa/botswana-will-double-de-beers-stake-30-part-anglo-stake-sale-2026-11-09/
• JCK, “Botswana’s 30% De Beers Stake Announced by President Boko”, 9 November 2026: https://www.jckonline.com/editorial-article/botswana-de-beers-consortium/
• Mining.com.au, “Botswana to double De Beers holding under Anglo stake sale”, 9 November 2026: https://mining.com.au/botswana-to-double-de-beers-holding-under-anglo-stake-sale-president-says/
• DFA, “De Beers sale moves closer as Botswana backs consortium deal”, 10 November 2026: https://dfa.co.za/news/2026-11-10-de-beers-sale-moves-closer-as-botswana-backs-consortium-deal/
• Further Africa, “Botswana De Beers stake set to double to 30%”, 10 November 2026: https://furtherafrica.com/2026/11/10/botswana-de-beers-stake-set-to-double-to-30/

This article is for general information and education only. It is not legal or financial advice.