Botswana to double stake in diamond miner De Beers
Africa’s largest diamond producer by volume is grappling with falling prices and competition from cheaper lab-grown stones. Botswana said it will double its stake in diamond miner De Beers to 30% to increase its strategic influence on the gemstone giant, backing a buyout that would allow majority owner Anglo American to exit the business. Africa’s largest diamond producer by volume is grappling with falling prices and competition from cheaper lab-grown stones. A larger share would give it more say over how De Beers sells and markets its diamonds. President Duma Boko told lawmakers that Angola and Namibia would also take stakes in De Beers. Botswana is backing joint marketing campaigns with other producers in an attempt to rebuild demand for natural gems. The country relies on diamond sales for around three-quarters of its foreign exchange earnings. Anglo American has sought to sell its 85% stake in De Beers since 2024 to refocus on copper and iron ore.
Africa’s largest diamond producer by volume is grappling with falling prices and competition from cheaper lab-grown stones. Botswana said it will double its stake in diamond miner De Beers to 30% to increase its strategic influence on the gemstone giant, backing a buyout that would allow majority owner Anglo American to exit the business. Africa’s largest diamond producer by volume is grappling with falling prices and competition from cheaper lab-grown stones. A larger share would give it more say over how De Beers sells and markets its diamonds.
President Duma Boko told lawmakers that Angola and Namibia would also take stakes in De Beers. Botswana is backing joint marketing campaigns with other producers in an attempt to rebuild demand for natural gems. The country relies on diamond sales for around three-quarters of its foreign exchange earnings. Anglo American has sought to sell its 85% stake in De Beers since 2024 to refocus on copper and iron ore.