THE Global Diamond Consortium said it hoped to finalise agreements “as soon as possible” for the acquisition of the UK mining group’s stake in De Beers.
GDC was named today by Botswana president Duma Boko as the winning bidder for Anglo’s De Beers stake. Commenting in his State of the Nation address in parliament, Boko also said the southern African country would lift its stake in De Beers to 30% while Namibia and Angola would also participate.
“Botswana’s shareholding in De Beers will double from the current 15%,” said Boko. He added that Botswana “... will become the single largest shareholder in De Beers, and with that comes greater influence in the strategic decisions for decades to come.” Anglo is selling its 85% in De Beers.
In his first public statement on the proposed acquisition, Gareth Penny, chairman of GDC, said he noted the president’s comments and thanked the governments, as well as Oman’s, “... as we work together towards becoming co-owners of De Beers”.
“Botswana’s support represents a significant endorsement of our vision for the industry’s future, and we would like to extend our thanks to President Boko for the pivotal role he has played,” Penny said.
“Together, we believe we can create a new chapter for this iconic business, one defined by strategic clarity between producing countries and the wider value chain, stronger consumer connection, and sustained growth in demand for natural diamonds.
“We remain focused now on finalising agreements with Anglo American as soon as possible.”
A key aspect of the deal with GDC and Botswana will be its structure and purchase price, especially as Boko has identified his government as the “single largest shareholder”.
“Is Botswana increasing its stake to 30% now, ahead of GDC acquiring its stake?” said an industry source. “Wouldn’t GDC want 50% minimum?” he asked.
Recent speculation has indicated that the parties – which are said to also include diamantaires, US retailer Signet, and the Swiss luxury goods group Richemont – could offer as little as $1bn for De Beers.
Anglo has been trying to sell its stake in De Beers since rebuffing BHP’s almost $50bn approach for the group in 2024. However, the process has been hampered by a prolonged slump in the diamond market. Anglo has written down De Beers three times in three years, cutting its carrying value to $2.3bn in February.
“Anglo American notes the statement from President Boko in relation to Anglo American’s sale of its 85% shareholding in De Beers,” the UK miner said in a statement on Monday.
“We are encouraged by the progress we have made to date and we continue to work with the Government of the Republic of Botswana, other governments and the Global Diamond Consortium towards agreeing binding transaction documents. Anglo American will provide further updates as appropriate,” it added.
Anglo reported a 32% drop in rough diamond prices to $105 a carat in the first half of 2026 (to end-June), below even 2020 pandemic levels, with De Beers posting a $113m EBITDA loss. De Beers has already paused output at its Venetia mine in South Africa and shut its own synthetic-diamond unit, Lightbox.
Speaking at an event in September, Botswana vice president Ndaba Gaolathe said the country would not stretch itself too thin financially to do the deal. “I can assure you that Botswana as a government, the Ministry of Finance, is not reckless and careless,” Gaolathe was quoted by Bloomberg News as saying. “We’re very particular about how we invest.”