Global Diamond Consortium welcomes Botswana backing for De Beers acquisition

**Staff Writer **

The Global Diamond Consortium (GDC) has welcomed Botswana’s support for its proposed partnership to acquire Anglo American’s 85% stake in De Beers, saying it remains focused on finalising agreements with the mining group.

The consortium’s response follows Botswana President Duma Boko’s State of the Nation Address, in which he commented on his government’s partnership with the GDC to acquire the stake in the diamond company.

GDC chairman Gareth Penny said Botswana’s support represented an endorsement of the consortium’s vision for the future of the diamond industry.

Penny also thanked the governments of Botswana, Angola, Namibia and Oman for their support and partnership as the consortium works towards becoming co-owners of De Beers.

He said the proposed partnership aimed to establish a new direction for the diamond business through stronger alignment between diamond-producing countries and the wider value chain, improved consumer engagement and sustained growth in demand for natural diamonds.

The GDC said its immediate focus was on finalising agreements with Anglo American as soon as possible.

The consortium is an industry alliance established by diamond industry veterans Gareth Penny, Saurin Parikh of Diarough and Moshe Klein of Grandview Klein.

It is working with African diamond-producing countries, international midstream and downstream industry partners, and diamond experts to revitalise De Beers, unlock its value and support the long-term growth of the natural diamond market.

Diarough is a family-owned diamond trading and manufacturing group with more than 50 years of industry experience and operations across four continents. It is also a long-standing De Beers Sightholder.

Grandview Klein is a New York-headquartered, fourth-generation family-owned diamond business with more than 70 years of industry experience.

The company has manufacturing and Sightholder operations in Botswana, Namibia and South Africa.