BOTSWANA’S president has set an end-of-October deadline to secure majority control of De Beers, as the diamond-dependent nation seeks greater influence over global gem markets amid a prolonged industry downturn, said Bloomberg News.
President Duma Boko said his government is negotiating with Anglo American, which holds an 85% in the diamond giant, whilst discussing financing arrangements with Oman’s sovereign wealth fund and other potential partners. Botswana currently owns the remaining 15% of De Beers.
“We are more than ready for the transaction and we’ve said the transaction must be concluded by the end of October,” Boko said during a Bloomberg Television interview in New York. “It’s a matter of economic sovereignty for Botswana.”
The acquisition push comes as Botswana grapples with severe economic pressures caused by plummeting diamond sales. The precious stones account for 80% of export revenues and approximately one-third of government income, making the nation particularly vulnerable to market fluctuations, said the newswire.
Anglo American, which valued De Beers at $4.9bn in February, has been seeking to divest the unit for 16 months as part of broader restructuring efforts. The London-listed miner faces a challenging sales environment due to competition from cheaper laboratory-grown alternatives.
Boko said securing control would enable Botswana to better promote natural diamonds over synthetic alternatives and influence international supply chains. The president is also pursuing discussions with US Commerce Secretary Howard Lutnick regarding potential tariff removals on diamond imports.
The economic crisis prompted Boko’s administration to declare a public health emergency in August.
