Botswana is considering whether to pursue control of De Beers after Anglo American selected a consortium reportedly led by the diamond company’s former chief executive as its preferred buyer.
The decision could give Botswana, one of the world’s most important diamond-producing countries, a decisive role in determining who owns one of the industry’s most recognisable businesses.
Anglo American currently owns 85% of De Beers, while Botswana holds the remaining 15%.
However, Botswana has a right of first refusal over Anglo’s stake. It can exercise that right alone, work with another investor or join the Global Diamond Consortium selected by Anglo.
The decision could give Botswana, one of the world’s most important diamond-producing countries, a decisive role in determining who owns one of the industry’s most recognisable businesses.
Anglo American currently owns 85% of De Beers, while Botswana holds the remaining 15%.
However, Botswana has a right of first refusal over Anglo’s stake. It can exercise that right alone, work with another investor or join the Global Diamond Consortium selected by Anglo.
Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa, told lawmakers on Friday that Anglo had chosen the consortium after a competitive process involving three shortlisted bidders.
He said Botswana was working with financial advisers to determine the best structure and expected the transaction to be completed in the final quarter of 2026, subject to government approval.
The government has not made a final decision.
“Botswana has complete freedom to proceed either alongside the preferred bidder as a partner or to exercise its preemption rights alone or with a third party,” Mr Mohwasa said.
Mr Mohwasa did not identify the consortium’s members. However, the Financial Times reported that it is led by Gareth Penny, who served as De Beers’ chief executive between 2006 and 2010 and is currently chairman of South African asset manager Ninety One.
The consortium’s proposal includes potential participation by Angola and Namibia, two other African diamond-producing countries that have expressed interest in De Beers.
Botswana welcomed that proposal, according to Mr Mohwasa.
Such an arrangement could shift a larger part of De Beers’ ownership to the African countries that supply its diamonds, although the consortium’s funding, exact ownership structure and other partners have not been publicly disclosed.
Anglo American said the sale process was progressing and that it would provide an update when appropriate.
Previous reports indicated that the bidders examined during the process included groups connected to Mr Penny; Israeli diamond businessman Nir Livnat; a Qatari investment fund; and Michael O’Keeffe, the former chief executive of Burgundy Diamond Mines.
