• Botswana aims for majority stake in De Beers by October

• Talks follow Anglo’s plan to divest its 85% share

• De Beers revenue dips amid weak diamond market demand

Botswana is in talks to increase its stake in the diamond company De Beers to more than 50% by the end of October, President Duma Boko said Tuesday, according to a report from Bloomberg.

The southern African nation currently owns a 15% share in De Beers. Anglo American, which holds the remaining 85%, announced in May 2024 a restructuring plan to divest from the diamond group, either through a direct sale or an initial public offering (IPO). Botswana intends to capitalize on this opportunity and is currently in discussions with partners to secure the necessary funding for an additional stake.

This announcement comes months after Mines Minister Bogolo Kenewendo told the Financial Times in July that the goal was to secure full control of De Beers and that a sale of the group without Gaborone’s support would be difficult to achieve.

Botswana’s interest in consolidating its position is significant. De Beers sources about 70% of its production from the country and is tied to the state through Debswana, their 50-50 joint venture. The potential sale is happening against a backdrop of a tense natural diamond market with weak demand.

This situation led to a drop in De Beers’ total revenue to $2 billion in the first half of 2025, down from $2.2 billion during the same period a year earlier. Meanwhile, Anglo American is already in the process of merging with Canada's Teck Resources, and the impact of that deal on the De Beers sale timeline is not yet known.

Aurel Sèdjro Houenou