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Botswana Plans to Double De Beers Stake, Backs Gareth Penny-Led Consortium

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Botswana Plans to Double De Beers Stake, Backs Gareth Penny-Led Consortium

The country’s president Duma Boko endorsed the bid of the former De Beers Group CEO’s Global Diamond Consortium during his 2026 State of the Nation address.

PARIS — De Beers on Monday said it welcomes “Botswana’s continued commitment to De Beers” as the Southern African nation plans to double its stake in De Beers Group to 30 percent, positioning itself as the diamond company’s largest shareholder.

“I am delighted that the country now intends to increase its position in our iconic business. De Beers has led the diamond industry since 1888, and we welcome owners that share both deep experience of diamonds and high ambitions for what we can achieve,” said Al Cook, chief executive officer at De Beers Group, in a statement shared with WWD.

“Consumers take more and more of an interest in the places their diamonds come from, and I am sure that such new ownership of De Beers will give them confidence that the diamonds they acquire are as responsible as they are beautiful,” continued Cook, adding that Anglo American is leading the sales process, and formal announcements will come when appropriate.

Earlier in the day, Botswana’s president Duma Boko said during his 2026 State of the Nation address that he endorsed the bid by former De Beers Group chief executive officer Gareth Penny’s Global Diamond Consortium to acquire Anglo American’s 85 percent holding.

He said the selection followed an evaluation against principles including sustainable profitability, greater strategic influence for Botswana, broader participation in the diamond value chain and financial prudence.


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