Boko rebuffs IMF on De Beers’ pursuit
Mbongeni Mguni | Wednesday December 17, 2025 06:00
In an in-depth report on the country’s economy and trajectory released last week, the IMF advised Botswana against seeking a greater stake in De Beers, citing the country’s constrained fiscal situation and its already high dependence on the diamond sector.
Speaking at a Kgotla meeting in Kanye on Monday, Boko said the push for full control of De Beers was going forward.
“Diamonds are not selling due to the process being used, and we have to overhaul it, and that's why we are saying these diamonds are ours and we want to control them,” he said. 'Others are saying don't buy De Beers, yet it gets 70% of its diamonds from Botswana, and we only own 15% of it. 'We want to take a bigger share and become the real owners and then call those that we want, and say come and join us, and we work together to make these diamonds work for us.”
Referencing the IMF’s position on Botswana’s pursuit of a bigger stake, Boko was unequivocal in his dismissal.
“You will hear others saying IMF said don't buy, but the IMF are not Batswana, they are not voters and are not affected by the problems in this country's economy. 'Don't tell me about the IMF, tell me about Batswana who are suffering. 'It's our people who are running this country, and we said we want De Beers, and we are going to take it,” he said to cheers from the crowd.
Anglo American is finalising the sale of its 85% stake in De Beers, with the deal reportedly valued at between $3 billion and $5 billion. Botswana, which holds 15% equity in De Beers, is the frontrunner for the deal, while other bidders include Angola as well as consortiums led by former De Beers’ executives.
Analysts have said the debate on who will take what in De Beers should not be the focus. Rather, the focus should be on who can pull the industry and De Beers out of the existential challenges they are facing.
According to its last financial results, De Beers posted losses of $189 million for the half year to June 30. The diamond giant publishes its results as Earnings before Interest, Tax and Depreciation and Amortisation (EBITDA), a rough indicator of core earnings.
That performance roughly translates to losses of between one to two million dollars per day over that period, a performance indicative of the life-threatening challenges facing the company and the industry. It is also a performance that the various entities bidding for a stake in Anglo have to contend with. As shareholders, they will be required to help out with working capital for the diamond group, while also pumping in development funds for the various projects underway globally.
That will require not only deep pockets and a long-term investment outlook, but also a strategy that turns De Beers around while simultaneously resuscitating the allure of natural diamonds.
Boko said De Beers' sales had not been managed well and hinted at a plan to resuscitate the world-leading group.
'When we take it, we will get the operations back to the right state and bring the headquarters here so that when someone says Botswana is a diamond country, when you come, you can see it on people's faces and in other sectors of the economy,' he said in Kanye.