Anglo American could soon exit De Beers, as a Bloomberg report indicates that the Global Diamond Consortium, the preferred bidder for the diamond producer, is inching closer to sealing a deal with Botswana. This is according to people familiar with the matter.
The deal could increase the Botswana government’s stake in De Beers from 15% to about 25%. Namibia, Angola, and private buyers have also shown interest.
According to Reuters, Global Diamond Consortium, led by former De Beers CEO Gareth Penny, was named preferred bidder in July.
Anglo American put De Beers up for sale in May 2024 as part of a broader restructuring amid weak diamond prices and growing competition from synthetic diamonds.
In 2025, Anglo American announced that De Beers and the Botswana government signed new formal agreements for a 10-year sales agreement and a 25-year extension of Debswana’s mining licences.
Debswana operates the Jwaneng and Orapa diamond mines in Botswana and is a 50:50 joint venture between De Beers and Botswana.