Botswana Weighs De Beers Stake Purchase After Anglo American Picks Preferred Buyer
Anglo American has selected a preferred buyer for its stake in diamond producer De Beers, with Botswana considering whether to use its right of first refusal to acquire the stake independently, alongside the chosen bidder, or with another partner.
Anglo American placed De Beers up for sale in 2024 as part of a wider restructuring strategy following a prolonged decline in diamond prices and increasing competition from lab-grown diamonds.
De Beers is one of the world’s largest diamond producers, with mining and exploration operations across Botswana, Namibia, Angola, South Africa and Canada. The company is currently partly owned by Botswana, which holds a 15% stake.
Botswana’s Minister for State President, Defence and Security Moeti Mohwasa, said Anglo American conducted a competitive process involving three shortlisted bidders before selecting the Global Diamond Consortium as its preferred buyer.
Mohwasa said the consortium’s inclusion of Botswana’s neighbouring diamond producers, Angola and Namibia, was welcomed, adding that securing an experienced operator with strong financial backing and a long-term ownership strategy was a priority.
Botswana is now working with financial advisers to determine the best deal structure. The government has the option to partner with the preferred bidder, exercise its purchase rights independently, or work with another investor.
The sale process is expected to be completed in the final quarter of 2026, subject to regulatory approvals, including approval from the Botswana government.
The transaction comes at a critical time for the global diamond industry as producers seek to adapt to weaker demand, changing consumer preferences and the rapid growth of synthetic diamonds.
