Botswana Seeks Control of De Beers as Angola Joins Race for Diamond Giant
Botswana is taking concrete steps to acquire a majority stake in De Beers, President Duma Boko announced on Monday, shortly after Angola revealed its own plans to pursue control of the global diamond powerhouse.
Botswana currently holds a 15% share in De Beers and contributes around 70% of the company’s annual rough diamond output, making it a cornerstone of the southern African nation’s economy.
Despite a global downturn in diamond prices, the government continues to view De Beers as a strategic national asset.
Delivering his State of the Nation Address in Gaborone, President Boko reaffirmed that while Botswana aims to diversify its mining sector, diamonds will remain central to economic growth.
“Concrete steps are underway toward the acquisition of Anglo American’s shares in De Beers,” Boko said, without providing further details on the progress or financing structure.
The announcement comes as Angola also moves to secure a controlling interest in De Beers, setting the stage for a potential regional competition between two of Africa’s leading diamond producers.
Botswana and Angola’s mining ministers met in Gaborone on November 7, fueling speculation of tensions over their competing ambitions. While Botswana’s government remained silent on the issue after the talks, Angola’s Ministry of Mineral Resources stated that both sides discussed the possible acquisition of De Beers shares but did not elaborate.
Anglo American, which currently owns 85% of De Beers, has announced plans to divest its entire stake as part of a strategic shift toward copper and other clean-energy metals. The mining giant has reportedly valued De Beers at $4.9 billion.
Analysts say Botswana’s bid underscores its long-term strategy to secure greater control over its diamond wealth, while Angola’s interest reflects its broader push to reclaim influence in Africa’s gemstone markets.
