In the diamond world, De Beers is more than a company—it is practically a myth, a brand woven into the global imagination long before influencers and marketing consultants figured out how to sell romance by the ounce. And yet, in one of the most remarkable strategic maneuvers in Africa’s resource landscape, Botswana is preparing to buy out Anglo American’s remaining stake in De Beers, aiming for the crown jewel’s majority ownership. If you thought diamonds were forever, Gaborone wants to make sure the control of them is too.
President Mokgweetsi Masisi did not mince his words. Botswana, he said, must have “a greater say” over the diamonds that have shaped its economy for more than half a century. And for good reason. The country already produces about 70 percent of De Beers’ rough diamonds, most of them from some of the richest deposits on Earth. Yet for years, the partnership between Botswana and De Beers has been a masterclass in power balancing: part collaboration, part negotiation, part geopolitical dance.
That dance has now turned into a bold move toward ownership. The global diamond market is struggling under soft demand, shifting consumer preferences, and the rise of lab-grown alternatives that are cheaper, conflict-free, and increasingly fashionable. Even so, Botswana sees long-term value—if not in soaring prices, then in the strategic control of a resource that remains central to its national identity.
The logic is straightforward: If diamonds are going to be less profitable globally, the country producing the majority of them must secure the biggest share of whatever profit remains. Botswana has long been praised as a model of resource management, avoiding the “resource curse” that has plagued many mineral-rich economies. The country has used diamond revenue to build roads, hospitals, and schools with a level of discipline that economists envy. Taking majority control of De Beers, in this sense, is the next evolutionary step in its economic maturity.
But as with all big bets, this one comes with risk. Diamond prices have been volatile. Global supply chains have shifted. Consumers—especially younger ones—are increasingly sceptical of the glamour associated with natural diamonds, preferring ethical alternatives. Meanwhile, multinational jewelers must now juggle geopolitical sensitivities, environmental expectations, and digital-era transparency. Gaining control at the top of such a shaky industry may be bold, but it is also a leap into a future where the rules are still being written.
Yet Botswana is not operating blindly. In recent years, the country has systematically renegotiated its agreements with De Beers to increase domestic diamond processing and retain more value locally. It has invested in training cutters and polishers, creating an ecosystem where diamonds contribute more than export figures—they generate jobs, skills, and whole industries. This diversification of the diamond value chain is part of the logic behind the takeover: Owning the company means shaping not only extraction but the entire global narrative of how Botswana’s diamonds are marketed.
There is also a political dimension impossible to ignore. Africa’s resource nationalism is undergoing a renaissance. From Zambia’s copper to DRC’s cobalt, mineral-rich nations are increasingly asserting ownership and demanding better deals. Botswana’s move, however, stands out for its sophistication. It is not a populist expropriation or ideological state seizure; it is a calculated acquisition driven by economic strategy and national interest. If successful, it may inspire other African countries to rethink their own partnerships with multinational extractors.
Anglo American, for its part, has been dealing with pressure to slim down its holdings and restructure after years of investor frustration. Selling its stake in De Beers may be part of a broader attempt to refocus its core operations. But for Botswana, this is not a sale—it is a statement. In a world where global value chains are being rewritten, the country is positioning itself not as a supplier of raw materials but as a co-author of the industry’s future.
Still, the road ahead is lined with unanswered questions. How will Botswana manage the financial burden of acquiring the stake? Will global diamond markets recover or continue to stutter? And can Botswana maintain its reputation for good governance while expanding its role in such a high-stakes industry? These questions hang over the deal like a shimmer—beautiful, uncertain, and luminescent, much like the stones themselves.
One thing is clear: Botswana is no longer content to be the quiet giant of the diamond world. With this move, it seeks not just partnership, but ownership; not just revenue, but sovereignty over its economic destiny. Whether the gamble pays off or not, Gaborone has made one thing unmistakably clear: the diamond throne, as far as Botswana is concerned, belongs in Botswana.
