DiamondBuzz
Botswana’s government puts diamond trader deal on back burner
Botswana’s new government is reportedly cooling on plans to acquire a stake in the Belgian polisher HB Antwerp. In March 2023 former President Mokgweetsi Masisi announced plans to buy a 24 per cent stake in a move that would, he said, herald “the dawn of a new era for the diamond industry in Botswana”.
In August 2024 the government was reported to be renegotiating its proposed investment, seeking to more than double its share to 49.9 per cent for the same $66m payment.But Masisi was ousted in a shock general election in October 2024 and comments made last week by minerals and energy minister Bogolo Kenewendo suggest the deal is not a top priority.
The plan for Botswana to purchase a 24% interest in HB Antwerp – first announced by former President Mokgweetsi Masisi in March 2023 – was seen as a model to challenge the southern African country’s decades-long partnership with De Beers. If executed, the deal would see state trader Okavango Diamond Co. receive polished rather than rough prices for stones for a portion of its sales.
By August 2024, due to a downturn in the diamond market, the government sought to renegotiate the deal, aiming to increase its stake to 49.9% without additional investment. However, following the unexpected electoral defeat of Masisi’s administration in October 2024, the new government under President Duma Boko has shown less enthusiasm for the investment. Minerals and Energy Minister Bogolo Kenewendo indicated that the previous administration had not finalized the agreement, stating, “There was never anything signed on the dotted line, and so we have nothing really to progress.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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