Botswana Vice President and Finance Minister Ndaba Gaolathe said a stable relationship with De Beers was crucial to the recovery of the natural diamond market, warning that uncertainty over the partnership had created an opening for lab-grown diamonds.

Speaking at Chatham House on Sept. 17, Gaolathe said Botswana and De Beers had historically worked together during market downturns through rough-diamond stockpiling and marketing.

His comments come as Anglo American seeks to sell its 85% stake in De Beers. Botswana has signalled an interest in increasing its role in the diamond company.Gaolathe said, however, that Botswana’s ambitions went beyond simply increasing its ownership. After decades in the diamond industry, the country had developed expertise across the value chain, 

Botswana currently owns 15% of De Beers, while Anglo American is seeking to sell its 85% stake. Botswana has indicated it wants a larger role but would not risk its finances simply to increase ownership, Gaolathe said.

He said Botswana also wanted to move further up the diamond value chain, while reducing its economic dependence on diamonds through manufacturing, energy, agriculture, tourism and financial services.