Botswana’s government expressed confidence that Anglo American will secure a buyer for its De Beers diamond division within the year.

“We are very confident that partners are coming forward,” according to an interview with Botswana Vice President Ndaba Gaolathe in Washington, without identifying prospective investors. “Some are countries, some are funds, some are companies that have a deep interest. I’m comfortable, I’m confident that we are on the right track.”

Botswana holds a 15% stake in De Beers, which sources most of its diamonds from the country, while Anglo American owns the remaining share. Anglo is now seeking to divest its stake following a downturn in natural diamond prices, driven in part by the growing demand for lab-grown alternatives.

Back in February, Anglo wrote down De Beers’ value for the second time, bringing it to approximately $4.1 billion. The company, listed in London, plans to exit De Beers through either a trade sale or a public listing in the second half of 2025.

Botswana, which relies on diamonds for the bulk of its exports and around a third of its government revenue, has maintained a long-standing partnership with De Beers. In February, they signed a 10-year agreement to fund a marketing campaign aimed at reviving demand for natural diamonds.

Gaolathe, who is also Botswana's finance minister, said that the country should have a say in who acquires Anglo's 85% stake, stressing the need for a buyer with substantial financial resources and a long-term commitment to the diamond industry.

“We are looking for partners that are not coming into it for the quick buck. Whoever wants to take over the Anglo shares, it’s not just the takeover of shares. It’s actually the consummation of a relationship with the government of Botswana. And I want to impress upon you, we take relationships very seriously,” he said.

He noted that Botswana might consider increasing its stake in De Beers to as much as 50%, adding: “We’re definitely not going lower than 15%.”

Furthermore, while attending the International Monetary Fund-World Bank Spring Meetings in the US, the vice president also warned that higher American tariffs on diamond imports would have negative consequences.

“The US does not have diamonds. But the US has been able to create an entire diamond sector, a jewellery sector. It’s large, it creates jobs for Americans. So the US has benefited from Botswana diamonds and a sudden pushback on Botswana diamonds will and can hurt the US more than it imagines.”