Botswana to double De Beers stake to 30% and become its largest shareholder

Botswana plans to double its holding in De Beers Group to 30 percent, a move that would make the Southern African nation the diamond company's largest shareholder. President Duma Boko set out the plan during his 2026 State of the Nation address, backing the bid led by former De Beers chief executive Gareth Penny.

Penny's Global Diamond Consortium is seeking to acquire Anglo American's 85 percent stake in De Beers, the company that has led the diamond industry since 1888 and spans mining, marketing and retail. The group says it produces about one-third of the world's rough diamonds by value.

"When this transaction is complete, Botswana's shareholding in De Beers will double from the current 15 percent to 30 percent. Botswana will become the single largest shareholder," Boko said. The doubling would bring "greater influence in the strategic decisions for decades to come."

Boko said the consortium was chosen after an evaluation that weighed whether the business can stay profitable, whether Botswana gains more say over strategy, whether the country can take part more widely in the diamond value chain, and whether the financing is prudent. Namibia and Angola would also take part 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," Boko added.

What De Beers said

De Beers welcomed the move on Monday, with chief executive Al Cook saying the company welcomes "Botswana's continued commitment to De Beers." "I am delighted that the country now intends to increase its position in our iconic business," Cook said in a statement.

"De Beers has led the diamond industry since 1888, and we welcome owners that share both deep experience of diamonds and high ambitions for what we can achieve," Cook said. He added that Anglo American is leading the sales process and that formal announcements will come when appropriate.

Cook also linked the ownership change to provenance, a theme De Beers has been pushing through its retail business. "Consumers take more and more of an interest in the places their diamonds come from," he said, arguing new ownership would reassure buyers their diamonds are responsible.

Why Anglo is leaving

Anglo American's decision to exit De Beers followed a broader effort to simplify its portfolio and concentrate on copper and premium iron ore. In 2024, the company said it would divest or demerge the diamond business to improve "strategic flexibility."

Anglo had held a stake in De Beers since the 1920s and took full control in 2011. Botswana already owned 15 percent, and the new arrangement would lift its influence to the largest single holding.

When we covered the sale process, Richemont and Signet were in advanced talks to join the consortium buying De Beers from Anglo American, with RBC and Jefferies analysts seeing the logic. Boko's endorsement adds a government shareholder to that line-up.

Gareth Penny led De Beers Group as chief executive before leaving the role, so the bid comes from someone who has run the business. Boko framed the endorsement as a question of strategic influence for producer nations.

During the same speech, Boko acknowledged Botswana's economic difficulties, including high unemployment among young people, rising fuel prices and pressures on the health care system. He said he wanted diamonds to become "one part of a multisectoral economic garden."

The stake increase comes as De Beers' retail arm expands. We reported that its reimagined Madison Avenue flagship in New York is open and already posting double-digit growth, with 24 stores planned by the end of 2026 and China next.

Botswana is also part of the provenance story De Beers tells. When we covered London Jewelers' centenary, the retailer marked it with a 20.26-carat D Flawless Old Mine Cushion cut in Botswana through De Beers Group's Origin programme.

No timetable for completion was disclosed beyond Cook's note that Anglo American is running the process. Formal announcements are still to come, and the consortium's full composition has not been laid out.

If the sale closes, ownership changes shape: producer nations holding the largest stake rather than a mining conglomerate, and three countries from the region sharing the table at the company that markets their stones.

Support the content you love — it’s free 🎉

Add Worthbury as a preferred source on Google. Our stories will be more likely to appear in Google’s Top Stories. It’s free and supports our team. Thank you!

Add as preferred source

You can remove us any time in Google’s source preferences.

This briefing is published daily using an AI-powered system crafted by Worthbury's team and finely tuned to meet our editorial standards. While we continuously test and review the output, mistakes can sometimes happen. Tell us if you spot one.

Image: De Beers