Botswana President Boko Names Global Diamond Consortium Preferred De Beers Bidder, Announces 30% Ownership Stake

By Karen Dybis | November 09, 2026

Botswana President Duma Boko, in his Nov. 9 State of the Nation address in Gaborone, said it is increasing its De Beers stake to 30% and the government selected the Gareth Penny–led Global Diamond Consortium as its preferred bidder for the diamond producer.

“Botswana’s shareholding in De Beers will double from the current 15%. Botswana will become the single largest shareholder in De Beers,” Boko said in his speech, which he delivered before the Botswana parliament and, notably, De Beers CEO Al Cook.

“For the first time, the great diamond-producing nations of our region will sit together at the ownership table of the company that markets their diamonds,” Boko said

Anglo American put its interest in De Beers up for sale in May 2024, and speculation since then has had multiple bidders seeking ownership. Angola and Namibia, who have De Beers mining operations, also are taking part in De Beers ownership—an important step in regional cooperation among diamond-producing nations, Boko said in his speech.

Boko’s comments show the progress the sale has made, as Botswana is a major player in the process. Now that it has come forward with its percentage of ownership, the sale likely is to come together quickly, experts have said.

The president’s office said the transaction “is intended to secure greater strategic influence for Botswana in the diamond industry while expanding opportunities for domestic beneficiation and participation across the diamond value chain.”

Consortium reaction

Penny’s consortium became the lead bidder this summer. The groups is said to include luxury group Richemont and Signet Jewelers, as well as private buyers. Bloomberg reported that Oman also is part of the Global Diamond Consortium.

“We welcome President Boko’s comments regarding partnering with the Global Diamond Consortium to acquire Anglo American’s 85% interest in De Beers. We thank the governments of Botswana, Angola, Namibia, and Oman for their support and partnership as we work together toward becoming co-owners of De Beers,” Penny, chairman of the Global Diamond Consortium, said in a statement shared with JCK.

“Botswana’s support represents a significant endorsement of our vision for the industry’s future, and we would like to extend our thanks to President Boko for the pivotal role he has played. Together, we believe we can create a new chapter for this iconic business, one defined by strategic clarity between producing countries and the wider value chain, stronger consumer connection, and sustained growth in demand for natural diamonds,” Penny said. “We remain focused now on finalizing agreements with Anglo American as soon as possible.”

The proposed price the consortium will pay for its stake in De Beers is $1 billion. Anglo American has written the diamond producer down three times in three years; its most recent valuation of its carrying value was $2.3 billion in February. Its price reflects the marketplace challenges, especially in diamond mining and competition from lab-grown diamonds.

The Global Diamond Consortium is a new industry alliance created by diamond veterans Penny, Saurin Parikh from Diarough. and Moshe Klein from Grandview Klein. The consortium is working together with sovereign African diamond-producing countries, world-leading midstream and downstream partners, and renowned diamond experts, it said in its statement. Its aim, it said, is to revitalize De Beers, unlock its full value, and drive the long-term success of the natural diamond market.

Industry reaction

Industry reaction was swift, with many observers and diamond experts saying the Boko speech was a pivotal turning point for De Beers and nations including Botswana.

Sean Dunn, president of J.R. Dunn Jewelers in Florida, tells JCK Boko’s speech and announcements mark a “really exciting moment for natural diamonds.”

“Seeing progress on the sale and diamond-producing countries come together and invest in the future of De Beers gives our industry a clearer path forward,” Dunn says. “Diamonds are one of nature’s great miracles and the ultimate symbol of lasting love, but their origin and the human stories behind them are equally powerful.

“At J.R. Dunn, we’re bringing those stories to life through immersive experiences where customers can handle rough diamonds, discover their journey, and connect with the people and countries behind them,” Dunn says. “I believe this aligns beautifully with the vision of the proposed new ownership and creates an extraordinary opportunity to reconnect consumers with natural diamonds.”

Rapaport CEO Dan Mano in a statement said President Boko’s push to double Botswana’s ownership stake from 15% to 30% reflects both the challenges facing the industry and the strategic importance of De Beers to Botswana.

“De Beers remains uniquely positioned to influence the future of the global natural diamond market. But changing ownership alone will not restore confidence. The new owners must demonstrate financial discipline, align rough diamond supply with genuine market demand, and make substantial, sustained investments in global consumer marketing,” Mano said. “The priority must be restoring the desirability, value, and profitability of natural diamonds across the entire supply chain.”

The Global Diamond Consortium faces a difficult road ahead, diamond jeweler and cofounder of 77 Diamonds Tobias Kormind said in a statement.

“De Beers once taught the world to desire diamonds. Its prospective owners now face the immense task of rekindling that desire at a time when luxury fashion houses and watchmakers have completely stolen the consumer spotlight,” Kormind said.

“What makes today’s development so intriguing for the retail sector is the sheer breadth of this consortium. Bringing together heavyweights like Signet, Richemont, and major sightholders like Pluczenik and Diarough means key players across the supply chain are uniting to back a natural diamond recovery,” Kormind said. “Beyond the transaction terms, securing substantial ongoing capital investment will be essential for day-to-day operations and rebuilding consumer demand.”

Boko’s speech also noted that there are other opportunities in advanced technology for diamonds, including through De Beers’ Element Six business. Element Six specializes in synthetic diamond technology.

Top: Boko at the 2025 JCK Las Vegas show (photo by Camilla Sjodin)