DiamondBuzz
Angola, Botswana eye stake in De Beers
Botswana is pushing to secure a majority stake in De Beers by October, President Duma Boko confirmed. The country, reeling from a prolonged diamond slump, is negotiating financing with Oman’s sovereign wealth fund and other partners to raise its shareholding beyond the current 15%. ANGOLA has submitted a bid for a minority stake in De Beers, proposing to establish a pan-African consortium of diamond-producing nations to jointly operate the world-renowned company currently being sold by Anglo American.
President Duma Boko said his government intends to finalize a deal by the end of October, despite ongoing negotiations between Anglo and other potential buyers. He confirmed Botswana is in talks with partners, including Oman’s sovereign wealth fund, to help finance the deal.
Securing a controlling stake would raise Botswana’s interest in De Beers above 50%. The company sources about 70% of its rough diamonds.The Financial Times reported that Endiama, Angola’s state-owned diamond producer, had made a “fully financed offer”, seeking to create a partnership that would also involve Botswana, Namibia, and South Africa.
Separately, Angola has submitted a formal bid for a minority stake in the loss-making miner, valued between $3 billion and $4 billion. The moves come as Anglo American faces mounting pressure to divest De Beers ahead of an informal year-end deadline. Angola’s proposal is for De Beers to remain a private company in which African countries have a stake.
DiamondBuzz
Botswana Looks Beyond Rough Diamond Sales, Eyes U.S. Jewelry Market
The Duty Exemption By US Presents An Opportunity For Domestic Jewelry Manufacturers In Gaborone To Bypass Traditional Middle-Market Hubs and Establish A Direct Pipeline To American Consumers
Grappling with a painful downturn in global rough-diamond demand, Botswana is pivoting its economic strategy: expanding up the supply chain directly into American retail shelves while leveraging its resource wealth to fund conservation and diversification.
Speaking on the sidelines of New York Climate Week, Bogolo Joy Kenewendo, Botswana’s Minister of Minerals and Energy, highlighted the southern African nation’s plan to capitalize on a 0% import-tariff rate to the U.S. market. The duty exemption presents an opportunity for domestic jewelry manufacturers in Gaborone to bypass traditional middle-market hubs and establish a direct pipeline to American consumers.
shift The push into value-added manufacturing comes as the world’s top diamond producer by value navigates a broader structural Diamond revenues have long formed the bedrock of Botswana’s post-independence balance sheet, underwriting universal secondary education and tuition-free university funding. However, recent market volatility has underscored the vulnerabilities of a mono-sectoral economy.
Under the Botswana Economic Transformation Programme (BETP)—an initiative spearheaded directly by President Duma Boko and his vice president—the government is directing resources toward manufacturing, agriculture, and broader mining sectors to reduce its heavy reliance on rough diamond sales.
To support its luxury exports, Botswana is recalibrating its brand narrative around origin, environmental stewardship, and social impact. The country recently announced a five-year extension of the “Okavango Eternal” partnership alongside De Beers Group and the National Geographic Society. The initiative aims to protect the ecological integrity of the Okavango River Basin while tying diamond purchases to conservation efforts.
With De Beers currently facing an impending ownership change, officials remain optimistic that any capital restructuring could bring additional funds into Botswana to accelerate its domestic economic transition.
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