Botswana President Duma Boko confirmed on Monday that his country will expand its ownership of De Beers from fifteen percent to thirty percent. According to Club of Mozambique, this increase stems from Anglo American’s plan to divest its share in the diamond miner to a group of investors. The arrangement will make Botswana the biggest shareholder in the company, enhancing its role in long-term strategic planning. The transaction is being coordinated by the Global Diamond Consortium, led by former De Beers executive Gareth Penny, who was selected as the preferred bidder earlier this year.
Anglo American initiated the divestiture in 2024 to adapt to declining diamond prices and the rise of lab-grown alternatives. Club of Mozambique reported that Boko indicated Namibia and Angola will also join the deal. Penny stated the consortium is negotiating with authorities in Botswana, Angola, Namibia, and Oman to finalize co-ownership agreements. Anglo American said it is moving toward binding documentation with these parties and the consortium.
Several major industry figures are reportedly negotiating to join the new ownership structure. Club of Mozambique noted that Richemont, the parent company of Cartier, is in discussions to participate. Sightholders Diarough, Pluczenik, and Grandview Klein Diamonds, along with jeweler Signet, are also part of the talks, while Rosy Blue India has stepped back. Tobias Kormind of 77 Diamonds described the alliance of these supply chain leaders as a joint push to revive demand for natural diamonds.
The deal also positions Botswana to benefit from advanced technology via Element Six, De Beers’ synthetic diamond division. Boko explained that this arm will join a $600 million synthetic diamond facility in the United States. He noted that rising needs for high-performance computing in artificial intelligence and data centers will drive demand. Boko added that he and US Commerce Secretary Howard Lutnick agreed Element Six should anchor a new technological collaboration between the two nations.