Botswana has revived its plan to gain control of De Beers, with President Duma Boko confirming the government will move ahead to acquire Anglo American’s 85 percent stake in the diamond giant, as reported by Bloomberg.

The London-listed miner is preparing to sell its holding as part of a sweeping restructuring effort that began nearly 18 months ago.

Boko told lawmakers in Gaborone on Monday that “concrete steps are under way” toward the transaction, saying Botswana would “leverage a majority stake” in the company. The move would give the country, already owning 15 percent, full control of the firm that underpins its export earnings. Diamonds account for around 80 percent of Botswana’s foreign-currency income.

Anglo’s planned divestment comes amid a prolonged slump in the global diamond market, where lab-grown gems have eroded demand for natural stones. Most of De Beers’ production is sourced from Botswana, whose economy has been strained by falling prices. Boko said diamonds will “remain a key driver of growth and transformation,” even as his administration pursues broader mining diversification.

Botswana is exploring funding options for the buyout, including talks with a sovereign wealth fund in Oman, according to Boko’s earlier remarks to Bloomberg in September. At the time, he said the government hoped to reach a deal before the end of October.

Angola’s state-owned Endiama EP has also expressed interest in Anglo’s stake, and its chief executive said after meeting Botswana’s minerals minister last week that the two countries are “perfectly aligned” in efforts to revive demand for natural stones. Investor groups led by former De Beers executives have likewise joined the race since Anglo opened formal bids in June.