17 December 2025
- Boko unmoved on Botswana acquiring De Beers
- Says De Beers is anchored by Botswana’s diamonds
- Botswana will become global headquarters of the diamond industry
President Duma Boko has firmly reiterated Botswana’s intention to acquire De Beers, dismissing advice from observers and international financial institutions cautioning against the move.
Speaking at a Kgotla meeting in Kanye on Monday, President Boko said Botswana is fully aware of what it is doing regarding the proposed acquisition of the diamond giant. He stated that De Beers is fundamentally anchored by Botswana’s diamonds and underscored that after acquiring the company, Botswana would become the headquarters of the global diamond industry.
President Boko has dismissed the views of Bretton Woods institutions, including the International Monetary Fund (IMF), on the matter. The IMF has warned the Botswana government against increasing its stake in De Beers, citing the country’s economic challenges and heavy dependence on diamonds.
The Fund noted that “Botswana ‘s fiscal risk is compounded by the fact that the government has expressed interest in increasing its 15% participation in De Beers.”
Anglo American is currently in the process of selling its 85% stake in De Beers. Botswana has indicated its intention to increase its shareholding from the current 15% to a majority stake. Angola and Namibia have also expressed interest in participating in a potential deal.
Addressing the Kgotla meeting, President Boko was unequivocal:
“The IMF are not Batswana. They are not the ones feeling the pinch of low standards of living because our resources add value outside the country. 70% of De Beers’ production comes from Botswana. We are therefore buying De Beers. Don’t tell me about the IMF or the World Bank.”
Boko said that once Botswana acquires De Beers, the country will have control over who it partners with, how diamonds are marketed, and which beneficiation initiatives to pursue, including local cutting, polishing, and the production of luxury jewellery, creating thousands of jobs in the process.
Source: The Projects Magazine via Facebook
