Anglo American put De Beers up for sale in May 2024. In July 2026 Botswana’s minister told Parliament that Anglo had run a competitive process with three shortlisted bidders and selected the Global Diamond Consortium, a group led by former De Beers chief executive Gareth Penny, as preferred bidder. The consortium’s proposal to include Angola and Namibia was welcomed by government.
Botswana already owns 15% of De Beers and holds a right of first refusal. The minister said government had “complete freedom to proceed either alongside the preferred bidder as a partner”, alone, or with a third party. In October government indicated it was close to agreeing the size of its stake.
The value of Anglo’s stake has been put at around US$1 billion, far below earlier estimates, reflecting the depressed rough-diamond market. The sale is expected to close by the end of 2026, subject to conditions including Botswana government approval.
Separately, De Beers has transferred about US$75 million to Botswana under the 2025 sales agreement, which runs for ten years and increased Okavango Diamond Company’s share of Debswana production.
What this means for you
- Suppliers to Debswana and De Beers should expect procurement and contract reviews after the ownership change.
- A larger government stake increases diamond exposure in the fiscus; diversification policy will continue to shape tax.
- Valuations of mining-services businesses should reflect the lower transaction multiples now visible in the sector.
If any of these points apply to your organisation, talk to us. We will tell you what needs to change and what it will take.
Parliament of Botswana: Ministerial statement, July 2026
Ministry of Minerals and Energy
Published 14 October 2026. This article is general information, not advice for a specific situation.