Bloomberg: Botswana Nears Deal to Raise De Beers Stake to 25%

By JCK News Desk | October 14, 2026

Botswana is nearing an agreement that would increase its ownership stake in De Beers from 15% to about 25%, potentially clearing one of the last major hurdles to the diamond company’s sale by parent Anglo American, according to a report from Bloomberg.

Bloomberg reported Oct. 13 that Botswana and the Global Diamond Consortium (GDC), the bidder selected by Anglo American as the preferred buyer of De Beers, are close to an agreement on their future ownership shares. The consortium is led by former De Beers CEO Gareth Penny and also includes interests from Namibia and Angola.

Sources familiar with the discussions told Bloomberg that Botswana’s stake likely would rise to around 25%, though the deal has not yet been finalized.

The reported arrangement represents a notable shift from Botswana’s earlier position. In late 2025, Botswana President Duma Boko said the country wanted to acquire a majority stake in De Beers, arguing that Botswana should become the “real owners” of a company that obtains most of its diamonds from the country. Boko suggested De Beers’ headquarters could be moved from London to Botswana.

Under the framework described by Bloomberg, Botswana, Namibia, and Angola would together hold less than 50% of De Beers, leaving control of the company in private hands. Bloomberg noted that maintaining private-investor control is an important condition for some of the consortium’s backers.

The approach appears consistent with comments made last month by Botswana Vice President Ndaba Gaolathe, who indicated only that the government’s future stake would be greater than 15%.

The proposed agreement comes as Anglo American seeks to exit the diamond business amid one of the industry’s most prolonged downturns. Bloomberg reported that Anglo has discussed a sale price of about $1 billion, a fraction of the company’s historical valuation. While the diamond market has shown signs of improvement in recent months, the sale process has been complicated by weak prices, declining Chinese demand, and growing competition from lab-grown diamonds.

Botswana remains deeply tied to De Beers through its 50% ownership of Debswana, the mining joint venture that produces most of the country’s diamonds. A deal that increases Botswana’s direct stake in De Beers while stopping short of majority ownership would give the government greater exposure to the company’s future performance without assuming full control of the diamond giant.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.

(Photo: Getty Images)