Botswana nears deal to increase De Beers stake

Botswana is reportedly nearing an agreement to increase its stake in De Beers from 15% to approximately 25%. This potential deal with the Global Diamond Consortium (GDC)—which includes Namibia and Angola—could facilitate Anglo American’s exit from the diamond sector. Under the proposed arrangement, the GDC would be the preferred bidder, and the combined ownership of Botswana, Namibia, and Angola would remain below 50%, leaving control with private investors.

Anglo American has been attempting to sell De Beers for roughly $1 billion following a prolonged slump in the diamond market, which has led to multiple write-downs of the company's value.

In a separate development related to the diamond industry in the region, De Beers has extended its partnership with the Government of Botswana by signing Olympic gold medalist Letsile Tebogo as a global brand ambassador. The three-year program aims to promote natural diamond demand and highlight Botswana’s role in the industry through a storytelling platform titled ‘The Road to LA28’.