Botswana is pushing to conclude a deal that would hand it majority control of diamond giant De Beers by the end of October, President Duma Boko confirmed this week, marking a bold step in the country’s quest to take greater ownership of its natural resources. The president stated that negotiations are entering a critical phase, saying the government “must bring this matter to a close by the end of October,” as relayed in coverage by Bloomberg.
The development follows Anglo American’s decision to divest its 85% holding in De Beers, leaving Botswana’s existing 15% stake as the foundation of a larger takeover ambition. Gaborone has made clear it intends to expand its shareholding to majority control, building on a renegotiated diamond sales agreement reached in 2023 that shifted more value from the industry toward the state. Reporting by the Financial Times highlights that this push forms part of a wider strategy to capture greater revenues from Botswana’s globally significant diamond sector.
To strengthen its negotiating position, the government has already appointed Lazard and Swiss bank CBH as advisers for the planned deal, with their role to guide financing and transaction structuring. Industry observers suggest the move signals Botswana’s readiness to assemble the significant capital likely needed for an acquisition, even as other potential buyers and financiers circle the process. That detail was underlined in coverage by the Financial Times.
Analysts note the road to majority ownership will not be straightforward. De Beers’ valuation, fluctuating global diamond prices, and the scale of financing required are all critical hurdles. Bloomberg reporting emphasized that recent softness in the diamond market may complicate pricing negotiations, while industry sources say Botswana may need to mobilise sovereign funds or external partnerships to meet the financial demands of the takeover.
For Botswana, the timing is pivotal. Earlier this year, the country secured a revised deal with De Beers that extended mining licences and boosted its share of sales from the Debswana joint venture. The new bid for majority ownership would take that shift even further, positioning Botswana not just as a major producer but also as a key decision-maker in global diamond marketing. Reuters reporting, indicate that if successful, the transaction could redefine the balance of power between resource-rich states and multinational miners.
