Angola Targets 20–30% Stake in De Beers Amid Push for African Coordination in Diamond Industry
Angola is seeking to acquire a 20% to 30% stake in De Beers, the global diamond powerhouse currently owned by UK-based mining group Anglo American, as African diamond-producing nations explore a coordinated strategy to gain greater influence over the industry’s most valuable assets.
The move comes as Anglo American prepares to divest De Beers, amid weakening diamond prices and intensifying competition from synthetic stones.
With operations spanning Botswana, Namibia, Angola, South Africa, and Canada, De Beers’ ownership structure is of strategic importance to resource rich African states.
Speaking on the sidelines of an African mining conference in Cape Town, Angola’s national director of mineral resources, Paulo Tanganha, said the country had adjusted its ambitions after initially submitting a bid for a majority stake in October 2025.
“Taking a majority stake in luxury commodities is very risky because it is highly dependent on market cycles,” Tanganha said.
He added that Angola now favors a balanced approach that preserves influence while ensuring economic sustainability, placing its target stake between 20% and 30%.
Angola’s initial pursuit of majority control had raised the prospect of a bidding contest with Botswana, which already holds a 15% stake in De Beers and has publicly stated its intention to secure a controlling interest. Rather than escalating regional competition, diamond-producing countries are now engaging in discreet negotiations.
According to Tanganha, confidential discussions are underway among Angola, Botswana, Namibia, and South Africa to define a common position that serves shared interests.
“Together, we are stronger,” he said, emphasizing the desire for a unified African approach to managing diamond resources and value creation.
If finalized, Angola’s stake would be held through state-owned diamond producer Endiama and the national diamond trading company, Sodiam.
While financial details were not disclosed, Angolan officials indicated that several financing options are being considered.
The renewed interest in De Beers comes at a sensitive moment for the company. Anglo American has confirmed it is reassessing the value of its diamond business following a decline in De Beers’ rough diamond production in 2025.
Despite near-term market pressures, Angola’s long-term potential remains a key attraction. In 2025, De Beers and Endiama announced the discovery of a new kimberlite cluster in Angola the first such discovery in the country in more than 30 years.
The find has reinforced expectations that Angola, which remains largely underexplored from a geological perspective, could significantly expand its role in the global diamond supply chain.
For African governments, the ongoing discussions reflect a broader strategic shift toward retaining greater value, influence, and control over critical natural resources in an evolving global market.
