Botswana is seeking support from the United Arab Emirates and Oman as it pursues what could become one of the most significant deals in the global diamond industry: acquiring a strategic stake in De Beers, the 138-year-old diamond giant that has long shaped the country's economic fortunes.
President Duma Boko confirmed that his government is in discussions with both Gulf nations as Botswana explores options to participate in the sale of De Beers, currently being divested by mining giant Anglo American, according to a report from Bloomberg.
Falling demand from China, the rapid rise of lab-grown diamonds, and uncertainty surrounding global trade have weighed heavily on natural diamond prices, reducing export revenues and slowing economic growth.
Diamonds remain the backbone of Botswana's economy. The precious stones account for roughly 80% of the country's export earnings and around a quarter of its gross domestic product.
The government believes increasing its ownership in De Beers would provide greater influence over how Botswana's diamonds are priced, marketed, and sold globally.
