Botswana’s President Duma Boko has declared his government’s determination to finalize a deal for majority control of De Beers by October 2025. If successful, the transaction would mark a historic milestone, giving the Southern African nation control over one of the most iconic names in the global mining industry. This ambition comes at a time of both crisis and opportunity: Anglo American Plc, De Beers’ parent company, is restructuring and seeking to divest its 85% stake, while Botswana grapples with shrinking revenues from its diamond-dependent economy. Already a 15% shareholder, Gaborone is pushing to increase its stake above 50%, a move that would signal a shift not only in the balance of power within the global diamond trade but also in Africa’s broader push for resource sovereignty.
For Botswana, the stakes could not be higher. Diamonds are the backbone of its economy, accounting for roughly 80% of exports and a third of government revenue. Yet prices have slumped as lab-grown alternatives surge in popularity, eroding demand for natural stones. De Beers itself saw sales from Debswana — the long-standing joint venture between the company and the government — fall by nearly half last year. The resulting fiscal squeeze has forced tough decisions at home, including President Boko’s declaration of a public health emergency in August amid shortages of critical medical supplies. By securing majority ownership, Botswana hopes to regain leverage over the international supply chain, protect the value of natural stones, and reposition itself as the leading voice in an industry at a crossroads. The deal would also fit into a wider continental pattern: African states are increasingly moving from passive participants in extractive industries to active controllers of their natural wealth, echoing reforms in oil, gas, and critical minerals across the continent.
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The potential takeover must be viewed against the backdrop of Botswana’s unique relationship with De Beers. Since the 1960s, the Debswana partnership has been a model of state-private collaboration, underpinning Botswana’s transformation from one of the world’s poorest nations to a middle-income success story. Yet the arrangement has always reflected the asymmetry of control — De Beers set global benchmarks for pricing, marketing, and supply. By moving to majority ownership, Botswana would be reversing decades of dependency and rewriting the rules of engagement in a sector long dominated by foreign multinationals. Comparatively, few African nations have achieved similar levels of influence over globally strategic companies. While resource nationalism is a recurring theme across the continent — from Nigeria’s oil reforms to Zimbabwe’s control over lithium exports — Botswana’s bid stands out for its attempt to secure a controlling stake in a multinational brand that has historically defined the diamond industry.
The move also comes at a moment of disruption. Anglo American has written down De Beers’ value to $4.9 billion, reflecting market weakness, while potential buyers — ranging from sovereign wealth funds like Oman’s to former De Beers executives — circle the asset. For Botswana, this downturn provides a rare entry point: the chance to acquire majority ownership at a discounted valuation. Yet the challenge lies in financing. Discussions with external partners highlight the delicate balance between asserting sovereignty and avoiding new forms of dependency. The outcome will set a precedent for how African nations approach the financing of large-scale acquisitions in a global market where capital is often foreign.
If successful, Botswana’s acquisition would reverberate far beyond its borders. Africa, home to some of the world’s richest natural resources, has long struggled with the paradox of abundance: vast mineral wealth but limited control over pricing, value chains, and global narratives. By taking control of De Beers, Botswana would be asserting a continental claim to shape the future of diamonds, a commodity that, though symbolic of luxury, has been central to Africa’s economic history. It would also strengthen Africa’s bargaining power in the face of synthetic diamond competition, positioning natural stones not just as commodities but as cultural symbols rooted in history, authenticity, and identity.
Moreover, Botswana’s bid underscores a broader shift in Africa’s economic strategy: from being price takers to price setters, from raw exporters to market shapers. This resonates with the African Continental Free Trade Area (AfCFTA), which seeks to integrate markets and create continental value chains. By linking De Beers’ global reach with Africa’s collective resource base, Botswana could spark a rethinking of how the continent engages with global trade and investment. The symbolism matters: Africa is no longer just the supplier of raw stones — it seeks to own, market, and dictate terms in industries where it has natural dominance.
Botswana’s push for majority control of De Beers is not merely a corporate transaction; it is a statement of intent. At a time when its economy is under strain, the country is doubling down on resource sovereignty, seeking to turn crisis into opportunity. Should the deal succeed, Botswana would become the first African state to hold a controlling stake in a global industry leader, reshaping the politics of diamonds and offering a blueprint for resource ownership in the 21st century. The implications extend to the entire continent: Africa’s era of marginalisation in global resource governance is giving way to an era of prominence, where decisions made in Gaborone, Abuja, or Kinshasa could redefine global markets. The diamond, long a symbol of love and luxury, may yet become the emblem of Africa’s economic emancipation.
