Botswana Plans to Double De Beers Stake, Backs Penny-led Consortium

PARIS — De Beers on Monday said it welcomes “Botswana’s continued commitment to De Beers” as the Southern African nation plans to double its stake in De Beers Group to 30 percent, positioning itself as the diamond company’s largest shareholder.

“I am delighted that the country now intends to increase its position in our iconic business. De Beers has led the diamond industry since 1888, and we welcome owners that share both deep experience of diamonds and high ambitions for what we can achieve,” said Al Cook, chief executive officer at De Beers Group, in a statement shared with WWD.

“Consumers take more and more of an interest in the places their diamonds come from, and I am sure that such new ownership of De Beers will give them confidence that the diamonds they acquire are as responsible as they are beautiful,” continued Cook, adding that Anglo American is leading the sales process, and formal announcements will come when appropriate.

Earlier in the day, Botswana’s president Duma Boko said during his 2026 State of the Nation address that he endorsed the bid by former De Beers Group chief executive officer Gareth Penny’s Global Diamond Consortium to acquire Anglo American’s 85 percent holding.

He said the selection followed an evaluation against principles including sustainable profitability, greater strategic influence for Botswana, broader participation in the diamond value chain and financial prudence.

“When this transaction is complete, Botswana’s shareholding in De Beers will double from the current 15 percent to 30 percent. Botswana will become the single largest shareholder,” Boko said, adding that this would bring “greater influence in the strategic decisions for decades to come.”

Boko said Namibia and Angola would also participate in the transaction.

“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, united by a shared belief that local resources should bring local prosperity,” he added.

During the speech, Boko also acknowledged Botswana’s economic difficulties, including high unemployment among young people, rising fuel prices and pressures on the health care system. He said he wanted diamonds to become “one part of a multisectoral economic garden.”

Anglo American’s decision to exit De Beers followed a broader effort to simplify its portfolio and focus on copper and premium iron ore. As reported in 2024, the company said it would divest or demerge the diamond business to improve “strategic flexibility.”

Anglo had held a stake in De Beers since the 1920s and took full control in 2011. De Beers spans mining, marketing, and retail, and says it produces about one-third of the world’s rough diamonds by value.