President Duma Boko says Botswana’s planned increase in De Beers ownership is as much a technology play as a diamond investment
BONGANI MALUNGA
President Duma Boko has positioned Botswana’s proposed increase in its De Beers shareholding from 15 percent to 30 percent as a strategic investment in technology, arguing that the deal could give the country exposure to high-growth synthetic diamond applications beyond the traditional gemstone market.
Delivering his State of the Nation Address on Monday, Boko said the expanded stake would make Botswana the single largest shareholder in De Beers and give the country greater influence over the company’s strategic direction for decades to come.
“Our investment in De Beers is not just an investment in natural diamonds it is an investment in technology,” Boko said.
MAJOR PART OF THE INVESTMENT CASE
He pointed to De Beers-owned Element Six, which develops synthetic diamond technology used in advanced industrial and technological applications, as a major part of the investment case. According to Boko, future demand for high-technology synthetic diamonds is expected to rise as the world expands artificial intelligence infrastructure, superintelligence systems and large-scale data centres.
Boko also revealed that the United States government has approached Element Six to participate in the development of the technology, citing a proposed US$600 million joint facility in Georgia.
PARTNERING WITH THE US
“The Government of the United States has asked Element Six to partner in developing this technology. To this end, President Trump has announced a new 600 million US dollar joint facility in Georgia,” Boko said.He added that discussions with US Commerce Secretary Howard Lutnick had opened the door for Element Six to anchor a broader technology partnership between Botswana and the United States.
“In my discussions with Commerce Secretary Lutnick, we agreed that Element Six can stand at the heart of a new technology partnership between our two countries,” Boko said. The President also disclosed that Botswana will not pursue the De Beers transaction alone, with Angola and Namibia expected to participate alongside it.
NOT STANDING ALONE
“Botswana will not stand alone, our neighbours and friends, the Republic of Angola and the Republic of Namibia, will take part in this transaction beside us,” Boko said. He argued that the arrangement would, for the first time, place major diamond-producing countries from the region together at the ownership table of the company that markets their diamonds.
Boko outlined that if concluded, the transaction would therefore not only deepen Botswana’s influence over De Beers but also potentially give the country a foothold in advanced synthetic diamond technology at a time when demand from data centres and emerging computing industries is expected to grow.