GABORONE, 24 July 2025 (DiamondLuxo) — The Government of Botswana has announced its intention to acquire more than 50 % of De Beers, the world’s foremost diamond producer. Until now, Botswana has held a 15 % equity interest in De Beers and, through its 50/50 joint venture Debswana, contributed roughly 70 % of the company’s diamond output. Under President Duma Boko’s directive, Mining Minister Bogolo Kenewendo will lead negotiations to secure the additional shares, giving Botswana full control over De Beers’ marketing, sales channels, and value-addition processes.

Botswana’s move is aimed at keeping a larger share of diamond revenues in the country. Diamonds account for about 80 % of Botswana’s export earnings, and a controlling interest in De Beers would allow the government to channel increased profits into healthcare, education, and infrastructure. Full ownership would also pave the way for the development of domestic cutting and polishing facilities, creating jobs and building local expertise.

Financing the purchase of the remaining 70–75 % stake, estimated at up to USD 8 billion, presents a significant challenge. Botswana is already facing a projected budget deficit of 7.5 % of GDP in 2026 and has secured a USD 300 million loan from the African Development Bank for infrastructure upgrades. To raise the necessary funds, the government is weighing several options, including a direct purchase of shares from Anglo American, a partial IPO of De Beers, and an “earn-in” mechanism that reinvests Debswana dividends over time to acquire additional equity.

Negotiations with Anglo American are set to begin in August, with Botswana aiming to finalize the deal by late 2025 or early 2026. If successful, this landmark transaction will transfer full control of one of the world’s most iconic diamond brands into the hands of the country whose mines have supplied the majority of its gems for decades.