For most of the 20th century, one company effectively controlled the global diamond market: De Beers. Its grip has loosened considerably since then, and 2026 is shaping up to be a turning-point year, with current majority owner Anglo American actively working to sell the company off entirely.
De Beers was founded in 1888 and, at its peak, controlled an estimated 80-90% of the world’s rough diamond supply. Today, Anglo American holds an 85% stake, with the government of Botswana holding the remaining 15% directly — though Botswana also controls roughly 70% of De Beers’ actual production through the Debswana joint venture, giving it outsized influence despite the smaller equity stake.
Anglo American has valued De Beers at around $8 billion and is targeting a completed sale sometime in 2026, though weak rough diamond prices (down 19% to about $101 per carat in Q1 2026) are complicating the timeline and price. Botswana wants to move from minority partner to majority owner and has been courting the UAE and Oman as potential financial partners, while Angola has separately expressed interest in acquiring a 20-30% stake of its own.
Quick Facts
| Historically Dominant Player | De Beers |
|---|---|
| Current Majority Owner | Anglo American plc (85%) |
| Current Minority Owner | Government of Botswana (15% equity, ~70% of production via Debswana) |
| 2026 Status | Anglo American actively pursuing a full sale, valued at ~$8 billion |
| Interested Buyers | Botswana (with UAE/Oman backing), Angola |
| Founded | 1888 |
Key Ownership Highlights
- Anglo American’s planned 2026 divestment of De Beers is part of a broader company-wide portfolio overhaul, not a diamond-market-specific decision.
- Botswana’s push to become the controlling owner would mark a historic shift — moving the country from a minority partner to the driving force behind one of the world’s most storied diamond brands.
- Weak rough diamond pricing in early 2026 has added uncertainty to both the valuation and timeline of the sale.
FAQ
Does De Beers still control the diamond market?
Not to the extent it once did. Its market share has fallen well below its historical peak of 80-90%, and 2026 is bringing a full ownership change as Anglo American works to sell the company.
Who might end up owning De Beers?
Botswana, the current minority owner, is pursuing a controlling stake with financial backing from the UAE and Oman. Angola has also expressed interest in a 20-30% stake.
