Botswana to double stake in diamond miner De Beers
Botswana said it will double its stake in diamond miner De Beers to 30% to increase its strategic influence on the gemstone giant, backing a buyout that would allow majority owner Anglo American to exit the business.
Key points
- Botswana is backing joint marketing campaigns with other producers in an attempt to rebuild demand for natural gems.
- The country relies on diamond sales for around three-quarters of its foreign exchange earnings.
- President Duma Boko told lawmakers that Angola and Namibia would also take stakes in De Beers.
Anglo American has sought to sell its 85% stake in De Beers since 2024 to refocus on copper and iron ore.
Africa’s largest diamond producer by volume is grappling with falling prices and competition from cheaper lab-grown stones.
Additional details
- A larger share would give it more say over how De Beers sells and markets its diamonds.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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