The initial proposal, announced in March 2023 by former President Mokgweetsi Masisi, aimed to secure a 24% stake in the Antwerp-based diamond polisher for $66 million. Later, in August 2024, the government sought to increase its share to 49.9% for the same price, indicating a more aggressive approach to the investment.

However, the political landscape shifted dramatically in October 2024 when Masisi lost his seat in a surprise general election. The new administration appears to be less committed to the deal.

Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, recently addressed the matter, stating that no final agreement had been signed and that there is currently nothing in place to proceed with. She told Bloomberg last week. She also indicated that the previous administration had been conducting due diligence on the deal before its removal from office, suggesting that the investment was still under evaluation rather than a concluded transaction.

Despite the uncertainty, HB Antwerp remains optimistic about its relationship with Botswana. The company has reiterated its commitment to working with the country, emphasizing its interest in continued collaboration.

The shift in Botswana’s stance raises questions about the future of its involvement with HB Antwerp and the broader strategy for its diamond industry. Industry stakeholders are watching closely as the new government outlines its economic priorities.