The government of Botswana could buy an additional stake in De Beers, or even acquire the business outright, according to a Financial Times (FT) report. Full control over De Beers would allow Botswana to capture a larger share of value across the diamond supply chain — from production to marketing and distribution.

The southern African nation’s government appointed the French investment bank as co-adviser, alongside Swiss boutique lender CBH Compagnie Bancaire Helvétique, regarding “the potential acquisition of all or part of the De Beers Group”. The news follows last week’s announcement that Botswana had secured a $12bn investment commitment from Qatar-based Al Mansour Holdings to help stabilize its faltering economy.

In July, Botswana’s mining minister Bogolo Kenewendo reaffirmed President Duma Boko’s determination to expand the country’s stake in De Beers, signaling a clear policy direction towards greater national control of the diamond sector.

Anglo American, which is looking to sell its stake in De Beers, received approximately nine indications of interest in first-round bids this month, the Financial Times reported, citing unidentified people familiar with the process.

The Botswanan government holds a significant position in the potential transaction as it has the right to match any third-party offer for the diamond company.This development comes as Anglo American continues its divestiture process for its De Beers ownership stake.