EDITORIAL
Botswana President Duma Boko recently made pronouncements that he wants his country to take better control of its diamonds.
He wants a new set-up in which Botswana increases its stake in the partnership with diamond giant De Beers.
The country currently holds a 15% stake in De Beers.
But Boko wants the nation to acquire a controlling, majority stake in the diamond company.
This is a strategic priority aimed at securing greater economic sovereignty and control over the entire diamond value chain, including marketing.
This push comes as Anglo American, which owns 85% of De Beers, is planning to divest its stake as part of a major restructuring exercise.
Boko expressed his intention to finalise a deal by the end of October 2025, a goal that faces competition from other potential buyers.
Botswana is in talks with potential partners, including the sovereign state of Oman.
Meanwhile, in neighbouring Namibia where the country has 50/50 partnership with De Beers, the decision by President Boko may have come at a rather unexpected moment. We were perhaps caught pants down, and being more of a spectator in a game we should be an active player in.
The decision by Botswana, if pushed through, will see that country indirectly increasing their stake in Namibian-produced diamonds as well.
Currently Botswana, by virtue of owning a stake in De Beers, has some measure of control over Namibian diamonds.
Diamonds are Namibia’s most prized asset, raking in billions in foreign currency earnings and contributing significantly to the country’s Gross Domestic Product (GDP).
In the third quarter of 2025, Namibia’s diamond mining sector directly contributed approximately 6% to the country’s GDP, and nearly 8% if diamond processing is included.
Diamond production was flat year on year in the third quarter of 2025 at 457,000 carats, but this represented a 15% quarter-on-quarter decrease from the second quarter of this year.
The reduction was primarily due to vessel maintenance schedules in marine operations.
That contribution alone means diamonds are Namibia’s backbone, and will be for quite some time.
It also means Namibia can not afford to play spectator to industry moves, risking a seat at the table when matters of this nature are being discussed.
Ideally, Namibia needs to move fast to position itself strategically in a manner that amplifies her voice at the deciding table.
That deciding table is what Botswana is pushing for.
Namibia’s former Diamond Commissioner Kennedy Hamutenya puts it bluntly: Namibia needs to engage and find a way of playing a part in this morphing deal.
Should the deal proposed by Botswana materialise and Namibia does not grab its fair share of the pie, we have only ourselves to blame.
Our northern neighbours, Angola, are already making manoeuvres to ensure their seat at the table.
It is imperative that we also make hay while the sun still shines.
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