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President Duma Boko said in a speech in Parliament that the move
would make Botswana the largest single shareholder in De Beers,
the world's leading diamond company. Boko said Botswana endorsed
the Global Diamond Consortium of investors as the proposed buyer
of De Beers.
Mining giant Anglo American put its 85% stake in De Beers up for
sale in 2024 as part of a broader restructuring focused on
minerals expected to boom from the transition to green energy
and a downturn in the diamond market. As De Beers' other
shareholder, Botswana's backing of the Global Diamond Consortium
is key for the deal to proceed.
The purchase by the consortium, which is led by former De Beers
CEO Gareth Penny, has not been finalized.
Botswana has long had a partnership with De Beers to operate its
largest diamond mines through the Debswana joint venture.
Botswana is one of the biggest natural diamond producers in the
world and is looking to double down on the stones after a big
dip in sales caused its diamond-dependent economy to contract
last year.
The global natural diamond industry is undergoing a downturn,
largely due to competition from artificial lab-grown stones and
a decline in luxury spending in China, according to analysts.
Boko said fellow southern African nations Namibia and Angola
would also be involved in the deal for De Beers, though he gave
no details.
"For the first time, the great diamond producing nations of our
region will sit together at the ownership table of the company
that markets their diamonds, united by a shared belief that
local resources should bring local prosperity,” Boko said.
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