Botswana plans to seek a larger stake in De Beers when Anglo American sells its 85% holding, but the government says it will balance that ambition against fiscal constraints. During a recent interview, Botswana’s Vice President and Finance Minister Ndaba Gaolathe said the country’s preferred stake would be above its current 15%. He emphasized that the government would not invest irresponsibly, even as diamonds remain central to the economy. The sector has struggled recently because of falling prices triggered by the ascendancy of lab-grown alternatives, as well as softer Chinese demand. The downturn has contributed to Botswana’s recession and prompted Anglo to seek a buyer for its majority stake. Botswana sees the crisis as a reason to modernize diamond partnerships and accelerate economic diversification.