Botswana is racing to finalize a deal for majority control of diamond giant De Beers by the end of October, as President Duma Boko declares the move “a matter of economic sovereignty for Botswana.”
The southern African nation, already holding 15% of De Beers, is negotiating with Anglo American, which is divesting its 85% stake amid a global restructuring. The deal comes as De Beers’ dominance fades, challenged by surging demand for lab-grown diamonds and declining natural stone prices. Botswana is in talks with potential partners, including Oman’s sovereign wealth fund, to help finance the acquisition. President Boko insists financing won’t be a barrier — despite fiscal deficits projected at 7.56% of GDP in 2025/26.

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