Close-up of various cut diamonds and gemstones with vibrant colors and reflective surfaces.
Botswana is pushing for a controlling stake in diamond giant De Beers, intensifying uncertainty over parent company Anglo American’s plan to sell its 85% share. According to the country’s mining minister, Bogolo Kenewendo, Botswana’s President Duma Boko is determined to secure a controlling stake in De Beers in a bid to have full control over the company’s diamond business, including its marketing. Botswana currently owns 15% of De Beers and 50% of Debswana, the joint venture at the heart of De Beers’ diamond supply. But as Anglo races to exit amid a diamond market slump and a mounting stockpile, tensions are growing between the partners. Gaborone has accused Anglo of lacking transparency, warning that any sale without its backing would be difficult. While questions remain on how Botswana will fund the acquisition, the government has stated that financing is “not an issue.”
Financial Times