The government of Botswana has indicated that it is actively pursuing a controlling stake in De Beers, ahead of the 1 August deadline for bids to be submitted to parent company Anglo American. Botswana relies heavily on diamonds – they account for approximately 80 per cent of export earnings and about 30 per cent of GDP, but revenues halved last year amid a global downturn in demand.

Botswana seeks not only ownership, but also full control over the company’s production, marketing, and value chain- strategic shift reflecting both economic ambitions and frustration over Anglo American’s handling of the proposed transaction.

Botswana mining minister Bogolo Kenewendo said : “President Duma Boko remains resolute in his quest to increase Botswana’s stake in De Beers to ensure Botswana’s full control over this strategic national asset and the entire value chain including marketing”.

Anglo American’s official book value for De Beers, after asset impairments in early 2025, stands at $4.1bn, although market analysts suggest it could sell for less. Botswana currently holds a 15 per cent stake in De Beers and a 50 per cent stake in Debswana, a diamond mining joint venture with De Beers.

Anglo American aims to sell off its 85 per cent stake in De Beers by the end of 2025 as it restructures and focuses on copper and other minerals that are more profitable than diamonds.

In February De Beers and Botswana signed a long-delayed agreement that will see Botswana’s share of rough diamonds increase from 25 per cent to 50 per cent over the next decade and De Beers invest in diversification into developing its economy beyond diamonds.

De Beers suffered a $288m net loss in 2024, primarily the result of a 44 per cent plunge in diamond sales. Kenewendo said.