The future ownership of De Beers, the world’s most famous diamond company and Botswana’s most important economic partner, is nearing a decisive moment as parent company Anglo American moves closer to concluding a sale that could fundamentally reshape the global diamond industry.
De Beers Chief Executive Officer Al Cook said this week that negotiations over the sale of the company have reached an advanced stage and that a transaction could be completed “in weeks rather than months”, marking the strongest indication yet that Anglo American is approaching the end of a two-year effort to divest its 85 percent stake in the diamond giant.
The sale process, which began in 2024, comes at a time when the diamond industry is facing some of the most significant challenges in its modern history, including weak consumer demand, falling diamond prices and growing competition from lab-grown stones.
The sale represents a dramatic shift for Anglo American, which has controlled De Beers for decades and once regarded diamonds as a cornerstone of its global mining portfolio.
For Botswana, however, the sale is about far more than a corporate transaction. Diamonds account for a substantial share of the country’s exports, government revenue and foreign exchange earnings. Botswana is also deeply intertwined with De Beers through Debswana, the 50-50 joint venture that operates the country’s major diamond mines and has been central to Botswana’s economic development since independence.
According to Reuters, Botswana, Namibia and Angola are all participating in consortiums interested in acquiring stakes in De Beers, with Botswana already holding a 15 percent ownership stake in the company. Cook said negotiations are now maturing after two years of discussions and that interested parties include countries and companies with extensive experience in the diamond sector.
“We’ve never been closer than we are to a sale,” Cook told Reuters during the Reuters NEXT Europe conference in London. He added that the process had involved extensive negotiations and that there were now all the ingredients for a successful public-private partnership.The sale represents a dramatic shift for Anglo American, which has controlled De Beers for decades and once regarded diamonds as a cornerstone of its global mining portfolio. However, changing market conditions have forced the mining giant to rethink its strategy.
The company announced plans to sell De Beers in 2024 as part of a sweeping restructuring programme designed to focus on commodities such as copper and iron ore, which are viewed as critical to the global energy transition. The move followed pressure from investors and a failed takeover attempt by mining rival BHP.
