Botswana to double its De Beers stake to 30%, backing Penny-led bid as Cartier owner Richemont eyes a seat

Botswana will double its holding in diamond group De Beers from 15% to 30% under Anglo American’s proposed sale of its 85% stake, President Duma Boko told parliament on Monday, 9 November, Reuters reported. The country would become De Beers’ single largest shareholder.

Why it matters

Botswana’s backing is key because it holds a right of first refusal on Anglo’s stake. Boko said his government supports the sale to the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny; Namibia and Angola will also take part, and the consortium said Oman is a partner. Around 70% of the group’s diamonds come from Botswana, according to IDEX Online.

Luxury players at the table

Cartier owner Richemont and US jeweller Signet are among companies reported to be in talks to join the consortium, according to Reuters and Bloomberg. Anglo American put De Beers up for sale in 2024 amid falling natural-diamond prices and rising demand for lab-grown stones. Financial terms have not been disclosed, and Anglo said it was still working towards binding transaction documents.