International News

Botswana pursuing a controlling stake in De Beers

Government of Botswana moves to secure control of De Beers amid falling diamond revenues.

Published

7 months ago

July 28, 2025

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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.

International News

AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones

Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.

Published

2 days ago

February 27, 2026

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The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.

The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.

AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.

Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.

If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.

While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.

“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.