Botswana’s government remains optimistic that Anglo American will successfully secure a buyer for its diamond unit, De Beers, within 2025.
Speaking during an interview in Washington, Botswana Vice President and Finance Minister Ndaba Gaolathe said, “We are very confident that partners are coming forward,” noting that potential investors include countries, investment funds, and companies with a long-term interest in the diamond sector. He refrained from naming specific parties.
Botswana owns a 15% stake in De Beers, with Anglo American holding the remaining 85%. Anglo announced plans to offload its stake following a significant downturn in natural diamond prices, driven in part by the growing popularity of lab-grown diamonds. Earlier this year, Anglo wrote down De Beers’ value for the second time, bringing it to approximately $4.1 billion. The company has indicated that it aims to exit De Beers via a trade sale or listing during the second half of 2025.
As De Beers’ primary diamond source, Botswana sees itself as an important stakeholder in any potential transaction. Gaolathe emphasized the country’s expectation that any new partner should be committed to a long-term relationship rather than seeking short-term gains.
“We are looking for partners that are not coming into it for the quick buck,” he said. “Whoever wants to take over the Anglo shares, it’s not just the takeover of shares. It’s the consummation of a relationship with the government of Botswana.”
The vice president also stated that Botswana is open to increasing its stake in De Beers up to 50%, but ruled out any reduction below the current 15%.
Earlier this year, Botswana and De Beers signed a 10-year agreement to jointly fund marketing campaigns aimed at reviving demand for natural diamonds.
Gaolathe also commented on broader trade dynamics, cautioning against the potential negative effects of higher U.S. tariffs on diamond imports. He argued that such measures could harm the American jewellery industry, which relies heavily on Botswana-sourced diamonds, saying, “The US has benefited from Botswana diamonds, and a sudden pushback will and can hurt the US more than it imagines.”
Gaolathe made these remarks while attending the International Monetary Fund-World Bank Spring Meetings in the United States.