Botswana has announced plans to acquire a controlling stake in global diamond giant De Beers, a move President Duma Boko described as essential for “economic sovereignty” during his State of the Nation Address on November 10, 2025.
The initiative marks a major strategic shift for the southern African nation, which has long been one of the world’s leading diamond producers but has remained largely dependent on foreign corporate structures for value creation and marketing. Botswana’s government says the planned acquisition will strengthen domestic ownership in the diamond value chain and ensure more of the profits from the country’s natural resources stay within its borders.
According to Discovery Alert, Botswana currently holds a 15% direct stake in De Beers and supplies about 70% of the company’s annual rough-diamond output through its 50/50 joint venture, Debswana. This dominant role gives Botswana considerable leverage in negotiations with De Beers and its parent company, Anglo American.
Anglo American, meanwhile, has reportedly been reviewing its portfolio and considering a potential divestment from De Beers amid declining demand for natural diamonds and increased competition from lab-grown alternatives. Analysts estimate De Beers’ current valuation at around US$4.9 billion.
By pursuing majority ownership, Botswana aims to capture greater downstream value, from mining and sorting to cutting, polishing, and marketing, and to reduce its reliance on external partners. Such vertical integration could help stabilise diamond pricing during market volatility, create high-skilled local jobs, and boost beneficiation within Botswana.
If successful, the move would represent one of the most significant shifts in global diamond industry ownership in decades, transferring influence from corporate shareholders to a producer nation. Industry observers say Botswana’s assertive stance could set a precedent for other African countries seeking greater control over their mineral wealth and the global supply chains that depend on it.
President Boko said the acquisition would “mark a new chapter in Botswana’s economic independence,” adding that the government will engage with both De Beers and Anglo American to ensure the transition strengthens the country’s long-term development goals.
