Botswana President Duma Boko confirmed the government's support for the proposed transaction, which would see Anglo American sell its 85 per cent stake in the company to the consortium. Botswana's backing is significant given its existing right of first refusal over Anglo American's holding.
Led by former De Beers CEO Gareth Penny, the Global Diamond Consortium brings together major industry participants, with Antwerp-based diamond sightholders Pluczenik and Diarough among its key backers. Luxury group Richemont, jewellery retailer Signet Jewelers and other industry players are also reportedly in discussions to participate.
The proposed ownership restructure follows Anglo American's decision to put De Beers up for sale in 2024, amid sustained pressure on diamond prices and increasing competition from lab-created diamonds.
Reporting from Rapaport News has suggested that a $USD750 million up-front payment and a $250 million deferred payment will lay the groundwork for the acquisition.
Boko said the increased stake would give Botswana greater influence over the company's long-term strategic direction, while governments in Namibia and Angola are also expected to participate in the transaction.
Penny said the consortium was working with the governments of Botswana, Angola, Namibia and Oman to establish a new ownership structure, aiming to better align diamond-producing nations with the broader industry.
Botswana is also reportedly looking to the company's technology interests, particularly its Element Six synthetic diamond business. Boko highlighted opportunities in advanced industrial applications, including high-performance computing and artificial intelligence infrastructure.
While the broad direction of the transaction is becoming increasingly clear, Anglo American, Botswana and the consortium must still negotiate binding agreements and finalise the deal.
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