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.