10 Nov 2026

Botswana is set to double its shareholding in De Beers from 15 to 30 per cent, becoming the diamond company’s single largest shareholder after government selected the Global Diamond Consortium as its preferred bidder for Anglo American’s 85 per cent stake.

Delivering the State-of-the-Nation Address (SONA) in Gaborone yesterday, President Advocate Duma Boko said the decision marked a new chapter in Botswana’s diamond story and would give the country greater influence in De Beers’ strategic decisions for decades to come.

“Government, acting through the Office of the President and the Minerals Development Company Botswana, resolved that a decision to increase our stake in De Beers must be taken with exceptional care. This was in response to Anglo American’s decision to sell its 85 per cent interest in De Beers,” he said.

He said government had assembled a team of highly qualified international and local advisors in financial, legal, technical, tax and diamond valuation matters to assess proposals and negotiate on behalf of the country.

“Over many months, they examined every proposal, tested every assumption and negotiated on behalf of this nation with skill and resolve,” he said.

President Boko said the advisors were guided by five principles, including ensuring sustainable profitability for De Beers under an experienced and well-funded operator with a clear plan; securing greater strategic influence for Botswana over assets of national importance; and broadening participation across the diamond value chain, including local beneficiation.

Other considerations included financial prudence, limiting the call on public finances, fair risk-sharing and ensuring that the transaction could be completed within applicable international regulatory frameworks.

Measured against these principles, he said, government had selected the Global Diamond Consortium as its preferred bidder for Anglo American’s interest in De Beers.

President Boko said Botswana’s investment in De Beers went beyond natural diamonds to include technology, noting that the company owned Element Six, a global leader in synthetic diamond technology.

He said demand for high-technology synthetic diamonds was expected to increase as the world expanded its development of superintelligence and large-scale data centres.

He further revealed that the United States government had approached Element Six to partner in developing the technology, while President Donald Trump had announced a US$600 million joint facility in Georgia.

President Boko also said discussions with US Commerce Secretary Howard Lutnick had resulted in an agreement that Element Six could play a central role in a new technology partnership between Botswana and the United States.

Besides Botswana, he announced that Angola and Namibia would also participate in the transaction.

“For the first time, the great diamond-producing nations of our region will sit together at the ownership table of the company that markets their diamonds, united by a shared belief that local resources should bring local prosperity,” he said.

Reflecting on Botswana’s diamond history, President Boko said the country’s relationship with diamonds had been intertwined with its development since independence, but had lost some of its lustre in recent years following the rise of synthetic stones.

He said De Beers had also lost sight of what gave natural diamonds their value and had stopped telling their story, resulting in a decline in demand that the company had previously worked hard to create.

The President said it was government’s responsibility to ensure that the country’s natural resources continued to benefit its people.

While acknowledging the significant challenges facing the country, he said the collective resolve of Batswana remained stronger than the obstacles ahead.

President Boko reaffirmed his confidence in Botswana, saying that, working together, government and citizens would build a country like no other in Africa. ENDS