Anglo American’s De Beers exit close as Botswana raises the stakes

Image credit: Minnaert, CC BY-SA 3.0, via Wikimedia Commons

The deal could increase the Botswana government’s stake in De Beers from 15% to about 25%. Namibia, Angola, and private buyers have also shown interest.

According to Reuters, Global Diamond Consortium, led by former De Beers CEO Gareth Penny, was named preferred bidder in July.

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Anglo American put De Beers up for sale in May 2024 as part of a broader restructuring amid weak diamond prices and growing competition from synthetic diamonds.

In 2025, Anglo American announced that De Beers and the Botswana government signed new formal agreements for a 10-year sales agreement and a 25-year extension of Debswana’s mining licences.

Debswana operates the Jwaneng and Orapa diamond mines in Botswana and is a 50:50 joint venture between De Beers and Botswana.