Anglo American is moving closer to finalizing its exit from De Beers following reports that the preferred bidder, the Global Diamond Consortium, is nearing a deal with the government of Botswana.
People familiar with the matter indicate that negotiations are advancing steadily to finalize the transition. The potential transaction would significantly reshape the ownership structure of the world’s premier diamond producer.
As part of the ongoing negotiations, the government of Botswana could increase its ownership stake in De Beers from 15% to approximately 25%. This move highlights the nation’s strategy to secure greater influence over its diamond resources. Interest in the producer is not limited to Botswana, as Namibia, Angola, and several private investors have also expressed keen interest in acquiring shares.
The Global Diamond Consortium, led by former De Beers Chief Executive Officer Gareth Penny, was officially named the preferred bidder in July. This acquisition effort follows Anglo American’s decision in May 2024 to put De Beers up for sale as part of a sweeping corporate restructuring. The divestment strategy was prompted by prolonged weakness in global diamond prices and intensifying market competition from synthetic, lab-grown diamonds.
The pending sale builds upon established long-term commitments between the diamond company and its primary producer country. In 2025, Anglo American announced that De Beers and Botswana had signed formal agreements covering a 10-year sales agreement alongside a 25-year extension for Debswana’s mining licences. Debswana, a 50:50 joint venture between De Beers and Botswana, operates key assets including the major Jwaneng and Orapa diamond mines.
While the new sales and licensing frameworks provide operational stability, broader market challenges remain evident across De Beers’ portfolio, leading to decisions such as a two-year pause at South Africa’s largest diamond producer announced in July 2026.
Nevertheless, with preferred bidders actively negotiating structural equity increases with partner nations, Anglo American’s long-anticipated exit from the diamond sector appears to be entering its final stages.
