- Botswana could increase its De Beers shareholding from 15% to approximately 25%.
- Bloomberg reports that negotiations over the ownership structure are advancing, but remain unfinished.
- The discussions form part of Anglo American’s planned exit from the diamond <a href="https://usglobalxpress.com/thanks-to-my-smartphone-business-is-booming/” title=”'Thanks to My Smartphone, Business is Booming'”>business.
- De Beers’ weak earnings underline the financial risks accompanying greater state ownership.
The government currently owns 15% of De Beers, while Anglo American holds the remaining 85% and is
The prospective ownership arrangement involves the Global Diamond Consortium, headed by former De Beers chief executive Gareth Penny
For Botswana, the decision combines an opportunity to influence the company’s future with the risk of committing more re
According to Bloomberg’s 13 October report, people familiar with the negotiations said Botswana’s holding could rise to around 25%. Talks remain ongoing. Anglo, the consortium and Botswana’s presidential office declined to comment
Botswana’s ambition predates the latest negotiations
InSeptember, Moody’s warned that a substantial debt-financed investment in De Beers could place further pressure on the country’s credit rating
That makes the purchase price and financing structure as important as the eventual percentage. A larger shareholding would increase Botswana’s exposure to future earnings, losses and funding needs
De Beers’ own results show the difficulty facing prospective investors
In the first half of 2026, group revenue fell to $1.6 billion, from $2 billion a year earlier. Its average realised rough-diamond price declined 32% to $105 a carat, reflecting both weaker pricing and a greater proportion of lower-value stones sold
The company recorded an underlying loss before interest, tax, depreciation and amortisation of $113 million, although that improved from a $189 million loss a year earlier
Meanwhile, production in Botswana increased 43% to 10.3 million carats. Higher output did not prevent the wider group’s revenue decline
De Beers said smaller, lower-quality natural diamonds remained under pressure from laboratory-grown alternatives. Demand in mainland China also continued to weaken, while India remained comparatively resilient
Botswana’s interest in De Beers sits alongside its separate relationship with Debswana, the mining joint venture owned equally by the government and De Beers
Botswana also secured an agreement increasing the share of Debswana’s production available to its state-owned Okavango Diamond Company
Those arrangements concern mining and the marketing of Botswana’s diamonds. Acquiring additional De Beers shares would instead increase the government’s interest in the broader international business