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
Richemont and Signet Jewelers Could Join Global Diamond Consortium In Bid For De Beers
Richemont, Signet Would Connect The Consortium To Key Global Growth Vectors Spanning Luxury High Jewelry and Mass-Market Retail.
The Global Diamond Consortium (GDC)
Richemont and Signet Jewelers are reported to be in talks about joining the Global Diamond Consortium (GDC), the preferred bidder for De Beers according to a Bloomberg News report.
GDC was selected in July 2026 as one of Anglo American’s preferred bidders for De Beers as part of Anglo American’s ongoing corporate restructuring.
The potential inclusion of Richemont—owner of luxury Maisons including Cartier and Van Cleef & Arpels—and Signet Jewelers—the world’s largest retailer of diamond jewelry, operating brands such as Kay Jewelers, Zales, and Jared—would connect the consortium to key global growth vectors spanning luxury high jewelry and mass-market retail.
Strengthening the Natural Diamond Ecosystem: Participation by major luxury brands and global retail leaders reinforces commitment across the entire value chain—from responsible mining and manufacturing to consumer engagement.
Balanced Governance Structure: Discussions center on potential minority equity positions that would support long-term category growth while maintaining appropriate separation between ownership and commercial strategy.
Broad Stakeholder Participation: The consortium continues to advance talks with host governments, including discussions with the Government of Botswana regarding a potential increase in its equity share in De Beers from 15% to approximately 25%, alongside participation from private investors and southern African host nations.
Discussions between GDC, Richemont, Signet, and participating government stakeholders remain ongoing. Terms of any potential participation, including the size of equity interests, have not been finalized and remain subject to regulatory approvals and definitive documentation.
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