De Beers deal draws in Namibia

Participation
Namibia to join Botswana and Angola in proposed De Beers ownership deal
Ogone Tlhage
  • 1 Hour Ago

Namibia is set to participate alongside Botswana and Angola in a proposed regional ownership arrangement for De Beers.


Botswana President Duma Boko announced on Monday that his government had selected the Global Diamond Consortium (GDC), led by former De Beers chief executive Gareth Penny, as its preferred bidder for Anglo American's 85% stake in the company.


Botswana plans to increase its existing 15% shareholding to 30%, becoming De Beers' largest single shareholder if the transaction is completed. Namibia and Angola would also acquire stakes.


Anglo American said it would continue working with the governments and consortium to finalise binding transaction documents. The sale process began after Anglo American announced plans in May 2024 to exit De Beers as part of a restructuring focused on copper and other core assets.


Namibia already holds equal shareholdings with De Beers in Namdeb Holdings, which includes Namdeb's land-based operations, Debmarine Namibia and the Namibia Diamond Trading Company. An equity stake in De Beers would give Namibia a direct interest in the group's wider strategy.


The size of Namibia's proposed stake, the investment required and financing arrangements have not been disclosed. Earlier reports suggested a minority holding of 10% to 15%.


The transaction comes amid weaker natural diamond demand, excess inventories and competition from laboratory-grown diamonds. De Beers' average realised rough diamond price fell 32% to US$105 per carat in the first half of 2026, while sales revenue declined from US$1.7 billion to US$1.3 billion.


Namibia's diamond production fell 7% to about 1.1 million carats over the same period.


The transaction has yet to reach binding completion.