Namibia joins Botswana, Angola in De Beers bid – Boko

Namibia is set to join Botswana and Angola in a consortium seeking to acquire Anglo American's 85% stake in De Beers, a transaction that would double Botswana's shareholding to 30% and make it the diamond company's largest individual shareholder.Botswana president Duma Boko confirmed Namibia and Angola's proposed participation during his State of the Nation Address on Monday, announcing that his government had selected the Global Diamond Consortium as its preferred bidder for Anglo American's controlling interest.Mines minister Modestus Amutse could not comment yesterday, saying he was in Cabinet meetings.Other media reports have identified former De Beers chief executive Gareth Penny as the consortium's leader and linked Swiss luxury group Richemont, American jewellery retailer Signet Jewellers and several international diamond traders to discussions about joining the proposed acquisition.The reports also indicate that the consortium is working with Oman, although the final participation of the prospective investors and their individual shareholdings have not been confirmed.The proposed transaction would bring together southern African diamond-producing countries and potentially international jewellery retailers and diamond traders in a new ownership structure for De Beers.However, Namibia's intended shareholding, financial contribution and the final distribution of ownership among consortium members remain undisclosed.Luxury groupsAccording to media reports citing Reuters, Richemont, which owns Cartier and Van Cleef &amp; Arpels, is among the companies involved in discussions about participating in the Global Diamond Consortium.The Swiss luxury group was founded by South African businessman Johann Rupert, who remains its chairman.The reports also identify Signet Jewellers, an American jewellery retailer whose brands include Kay Jewellers, Zales and Jared, as a potential participant.Diamond trading companies Diarough, Pluczenik and Grandview Klein Diamonds have similarly been linked to the negotiations.However, the reports do not establish that these companies have formally joined the consortium or committed funds to the acquisition.Their possible involvement could broaden De Beers' ownership beyond diamond-producing governments to include businesses involved in purchasing, manufacturing, marketing and retailing diamonds.Richemont's potential participation is particularly notable because its luxury jewellery brands operate in the international market where De Beers has historically sought to strengthen demand for natural diamonds.Nevertheless, Richemont and the other companies mentioned in media reports should not yet be regarded as confirmed consortium members.Namibia's participationUnlike the reported involvement of the prospective commercial investors, Namibia and Angola's participation was explicitly announced by Boko in his State of the Nation Address.“Botswana will not stand alone, our neighbours and friends, the Republic of Angola and the Republic of Namibia, will take part in this transaction beside us,” he said.The proposed arrangement would allow southern Africa's major diamond-producing countries to participate directly in ownership of the company that markets their diamonds, he added.Media reports also quoted consortium leader Gareth Penny as saying discussions were underway with Botswana, Namibia, Angola and Oman “towards becoming co-owners of De Beers”.According to those reports, Penny wants agreements with Anglo American concluded as soon as possible.Namibia already has long-standing commercial relationships with De Beers through Namdeb and offshore diamond producer Debmarine Namibia.However, Boko did not disclose the percentage Namibia would acquire or the amount it would contribute towards the transaction.He also did not specify whether the investment would be made directly by the government or through a state-owned investment vehicle.Botswana to double shareholdingBotswana currently owns 15% of De Beers, while Anglo American holds the remaining 85%.Boko said his government had assessed proposals through the Office of the President and Minerals Development Company Botswana before selecting the Global Diamond Consortium.The evaluation involved international and local advisers specialising in finance, law, taxation, technical matters and diamond valuation.He said his government's priorities included sustainable profitability, greater strategic influence, increased participation in diamond beneficiation and limiting financial risks to public funds.Media reports have also highlighted Botswana's existing right of first refusal over Anglo American's stake as an important factor in the negotiations.The country has a long-standing diamond mining partnership with De Beers through Debswana, in which each party holds 50%.Boko also argued that the proposed acquisition would provide opportunities beyond natural diamonds through De Beers' synthetic-diamond technology business, Element Six.The company produces synthetic diamond materials used in industrial and technological applications.During his address, Boko referred to a proposed US$600 million synthetic-diamond facility in the United States and discussions with US commerce secretary Howard Lutnick about potential cooperation involving Element Six.Boko also acknowledged that De Beers had struggled with declining demand for natural diamonds and competition from laboratory-grown stones.He argued that the company had weakened its market position by failing to maintain the promotional efforts that previously supported demand.

Namibia joins Botswana, Angola in De Beers bid – Boko

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Namibian Sun 2026-11-11

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Namibia joins Botswana, Angola in De Beers bid – Boko

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Namibian Sun 2026-11-11

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