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As the global diamond industry navigates a downturn marked by falling demand and rising competition from lab-grown stones, Botswana is making bold moves to secure its stake in the diamond value chain. The country has declared its interest in taking a controlling stake in De Beers, potentially shifting the future of the world’s most recognisable diamond company—and raising serious questions about the balance of power between resource-rich African countries and global mining giants.
By Rudairo Mapuranga
Botswana’s new president, Duma Boko, is pushing for full control of De Beers’ operations, marketing, and profits, challenging parent company Anglo American, which is currently preparing to offload its 85% shareholding in the iconic diamond producer.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, made it clear that the country would not stand by as decisions affecting its most valuable natural resource are made without its input. “President Boko remains resolute in his quest to increase Botswana’s stake in De Beers to ensure Botswana’s full control over this strategic national asset and the entire value chain, including marketing,” Kenewendo said.
This comes after President Boko recently remarked that De Beers was not selling enough diamonds, suggesting that perhaps Botswana should “take over and sell them ourselves.” The remarks have added pressure to an already delicate sale process for Anglo, which faces a deadline in early August to receive formal bids from prospective buyers.
De Beers sources approximately 70% of its total diamond production from Botswana, through the Debswana joint venture, of which Botswana already owns 50%. The government also holds a 15% direct stake in De Beers, while Anglo owns the majority share. Without Botswana’s cooperation, the sale of De Beers becomes practically unviable.
Kenewendo warned that “any sale of the company without our support will be difficult to achieve,” accusing Anglo of failing to involve the government in a transparent or coordinated manner.
The timing of Botswana’s aggressive stance could not be more crucial. Anglo is under pressure to complete its restructuring before year-end, following a rejected £39 billion takeover bid by BHP in 2023. The mining giant is now pursuing a “dual-track” approach—seeking a direct buyer for De Beers or listing it publicly if no satisfactory bids are received.
However, the diamond market is currently facing significant headwinds. Consumer demand has declined in key markets like China, and synthetic diamonds have carved a strong niche. De Beers is reportedly sitting on its largest stockpile since the global financial crisis, making any sale more complex.
The big question now is whether Botswana can raise the capital needed to buy a larger stake—or even take full ownership—of De Beers. While Minister Kenewendo said “financing is not an issue,” analysts remain sceptical. Botswana’s budget deficit is expected to widen to 7.5% by 2026, and although it enjoys an investment-grade credit rating, it lacks experience raising money on international bond markets. The country recently secured a US$300 million loan from the African Development Bank, largely to deal with fiscal shortfalls.
Still, Botswana’s leadership insists that ownership and control over diamonds is non-negotiable. And rightly so—diamonds account for over two-thirds of Botswana’s export earnings.
From a Zimbabwean perspective, Botswana’s push for resource sovereignty offers a timely case study. As Zimbabwe continues to restructure its own diamond sector through entities like ZCDC and promote local beneficiation, the question of who controls the value chain—from mine to market—remains critical.
Botswana is making it clear: Africa is no longer just a source of raw minerals. It wants to control the trade, influence pricing, and capture more of the value. Whether Botswana achieves full ownership or not, this moment signals a continental shift in resource governance—one that Zimbabwean policymakers and miners should follow closely.
