Boko: Time Is Right for Botswana to Strengthen De Beers Position

BOKO DEFENDS GOVERNMENT PLAN TO INCREASE DE BEERS STAKE DURING SONA RESPONSE

President Duma Boko has clarified why his administration intends to purchase additional shares in De Beers, emphasising that Botswana must secure greater long-term value from its natural resources. Responding to the State of the Nation Address (SONA) debate, Boko said increasing Botswana’s stake is not merely a business transaction but a strategic national decision to strengthen the country’s control over its diamond wealth.

Boko explained that the global diamond market has gone through difficult cycles, with reduced demand, price fluctuations and increased competition from synthetics. However, he noted that Botswana’s premium natural diamonds continue to hold strong market value, making it the right time for the country to position itself for future gains.

He stated that owning a larger share in De Beers would allow Botswana to influence production decisions, pricing strategies, downstream beneficiation, and global marketing—areas where the country has historically had limited control despite being one of the world’s top diamond producers.

Boko stressed that this move aims to ensure that “the wealth of Botswana truly works for Batswana.” He added that the government’s objective is to transition from being just a supplier of raw diamonds to becoming a decisive player in the global diamond value chain.

The President assured Parliament that negotiations and assessments are being conducted cautiously to safeguard public resources, but reaffirmed that increasing Botswana’s stake is a necessary step toward economic sovereignty, sustainability, and improved national revenue over the coming decades.

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