Botswana’s Bold Diamond Play: A Strategic Move for African Resource Sovereignty

By Mark-Anthony Johnson

In a move that could redefine the global diamond trade, Botswana is asserting its right to majority ownership of De Beers, the world’s most iconic diamond company. This is more than a business maneuver – it is a pivotal moment in Africa’s long-overdue push to control its own resources.

According to a recent Financial Times report, Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, confirmed President Duma Boko’s unwavering commitment to securing majority ownership in De Beers. The objective is clear: to ensure Botswana’s full control over this strategic national asset, from extraction to marketing and global sales.

“Maybe we should take over and sell them ourselves,” President Boko reportedly remarked – an assertive signal that the era of Africa supplying raw materials for export, while others reap the profits, may be drawing to a close.

Why This Matters

De Beers sources the majority of its diamonds from Botswana, yet the country only holds a 15 percent equity stake. The remaining 85 percent belongs to Anglo American, a UK-listed mining giant that now seeks to divest.

At stake is not just control over a company but control over the entire diamond value chain – and with it, the power to shape how African resources are marketed and monetized globally.

For Botswana, the timing is both challenging and opportune. Diamond markets are in a slump.

Demand from key consumers like China has fallen, and lab-grown alternatives are taking a bite out of traditional sales. De Beers now faces its largest diamond stockpile since the global financial crisis.

Anglo American’s plan to sell its 85 percent stake in De Beers is expected to attract bids in early August, but Kenewendo has issued a stern warning: any deal made without Botswana’s endorsement “will be difficult to achieve.”

She also criticized the company for failing to act transparently or in coordination with the government – highlighting the broader issue of multinational disregard for host-nation interests.

A Test of Will – and Wallet

Critics argue that Botswana may lack the financial muscle to acquire De Beers, especially as the nation faces a projected 7.5 percent budget deficit next year. But Kenewendo was unequivocal: “Funding is not an issue.”

That declaration sends a powerful message. This is not just a matter of economics – it’s a matter of sovereignty.

As a member of the African Continental Free Trade Area (AfCFTA), Botswana’s assertive stance represents a larger continental ambition: to break free from the extractive legacy of colonial-era partnerships and reorient African economies toward value-added ownership.

Toward ‘Made in Africa’ – Not Just Mined in Africa

Botswana’s potential majority stake in De Beers could set a transformative precedent. It would mean African countries are no longer just pit stops in a global supply chain – they are boardroom decision-makers.

And it would breathe life into the promise of ‘Made in Africa,’ not as a slogan, but as a structural reality.

The global diamond trade – once the preserve of Europe’s financial capitals – may soon have to reckon with a new power center in Gaborone. Whether Botswana succeeds in its bid or not, the message is crystal clear: Africa wants a bigger seat at the table. And this time, it’s not asking – it’s taking.

Mark-Anthony Johnson is the founder and CEO of JIC Holdings, a global asset and investment management firm founded in 2009. With over 30 years of experience and strong ties to Africa, his investments span mining, infrastructure, power, shipping, commodities, agriculture, and fisheries. He is currently focused on developing farms across Africa, aiming to position the continent as the world’s breadbasket.