DiamondBuzz
Botswana’s VP expresses confidence in ongoing efforts to secure a buyer for De Beers
Botswana’s Vice President Ndaba Gaolathe has expressed strong confidence in the ongoing efforts to secure a buyer for De Beers, as Anglo American prepares to divest from its diamond operations. His remarks, delivered during an interview in Washington, suggest that the process is progressing well and that there is broad international interest in acquiring Anglo’s 85 per cent stake in the iconic diamond company.
The sale comes amid Anglo American’s strategic pivot away from diamonds and other assets to concentrate on copper, a sector currently yielding higher returns. De Beers has seen its valuation decline sharply in recent years, with Anglo having written down its value twice in the past 13 months. Once a cornerstone of the group’s portfolio, De Beers is now valued at $4.1 billion, significantly lower than when Anglo assumed full control in 2012.
Crucially, Gaolathe indicated that Botswana — already holding a 15 per cent stake in De Beers — is considering a substantial increase in its ownership, potentially up to 50 per cent. Such a move would mark a major shift in the company’s ownership structure and could redefine the power dynamics within the global diamond industry. Botswana, as one of the world’s largest diamond producers, has long been a key partner in De Beers’ supply chain, and this increased stake would reinforce its strategic influence over the sector.
The government’s willingness to expand its stake also reflects a broader effort by resource-rich nations to assert greater control over their mineral wealth and to ensure that profits from extraction are more equitably shared. If realized, Botswana’s expanded role in De Beers could serve as a model for other producing countries seeking to balance economic development with stronger national participation in global value chains.
With a sale or IPO expected by the end of 2025, the coming months will be critical in shaping the future of one of the diamond industry’s most storied names. Will Botswana emerge as a dominant shareholder, or will another global player step in? Either way, the outcome is likely to reshape the contours of the international diamond trade.
DiamondBuzz
Botswana Looks Beyond Rough Diamond Sales, Eyes U.S. Jewelry Market
The Duty Exemption By US Presents An Opportunity For Domestic Jewelry Manufacturers In Gaborone To Bypass Traditional Middle-Market Hubs and Establish A Direct Pipeline To American Consumers
Grappling with a painful downturn in global rough-diamond demand, Botswana is pivoting its economic strategy: expanding up the supply chain directly into American retail shelves while leveraging its resource wealth to fund conservation and diversification.
Speaking on the sidelines of New York Climate Week, Bogolo Joy Kenewendo, Botswana’s Minister of Minerals and Energy, highlighted the southern African nation’s plan to capitalize on a 0% import-tariff rate to the U.S. market. The duty exemption presents an opportunity for domestic jewelry manufacturers in Gaborone to bypass traditional middle-market hubs and establish a direct pipeline to American consumers.
shift The push into value-added manufacturing comes as the world’s top diamond producer by value navigates a broader structural Diamond revenues have long formed the bedrock of Botswana’s post-independence balance sheet, underwriting universal secondary education and tuition-free university funding. However, recent market volatility has underscored the vulnerabilities of a mono-sectoral economy.
Under the Botswana Economic Transformation Programme (BETP)—an initiative spearheaded directly by President Duma Boko and his vice president—the government is directing resources toward manufacturing, agriculture, and broader mining sectors to reduce its heavy reliance on rough diamond sales.
To support its luxury exports, Botswana is recalibrating its brand narrative around origin, environmental stewardship, and social impact. The country recently announced a five-year extension of the “Okavango Eternal” partnership alongside De Beers Group and the National Geographic Society. The initiative aims to protect the ecological integrity of the Okavango River Basin while tying diamond purchases to conservation efforts.
With De Beers currently facing an impending ownership change, officials remain optimistic that any capital restructuring could bring additional funds into Botswana to accelerate its domestic economic transition.
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