Botswana Seeks Control of De Beers as Angola Joins Race for Diamond Giant Botswana is taking concrete steps to acquire a majority stake in De Beers, President Duma Boko announced on Monday, shortly after Angola revealed its own plans to pursue control of the global diamond powerhouse. Botswana currently holds a 15% share in De Beers and contributes around 70% of the company’s annual rough diamond output, making it a cornerstone of the southern African
De Beers Reports 38% Increase in Q3 Diamond Output, Driven by Jwaneng Mine Diamond miner De Beers produced 7.7 million carats in the third quarter ended September 30, marking a 38% year-on-year increase. The growth was primarily driven by higher output from its Jwaneng mine in Botswana. Operations in Botswana saw a 51% year-on-year rise in diamond production, totaling six million carats for the quarter. De Beers attributed the increase to the processing of higher-grade
De Beers Names Kevin Smith Interim COO as Veteran Executive Burger Greeff Retires De Beers has appointed Kevin Smith, currently Executive VP of Corporate Affairs & Strategy, as interim Chief Operating Officer (COO), effective 1 December 2025. He succeeds Burger Greeff, who is retiring after 30 years with the group. “As COO, Burger has brought integrity, strategic foresight, and unwavering commitment to our purpose. His contributions have helped shape our operations and inspired many across
Botswana and Angola Meet to Discuss Cooperation on De Beers Sale as Africa’s Diamond Market Shifts Botswana and Angola held high-level talks in Gaborone, Botswana, as both countries position themselves to gain control of De Beers, the diamond unit that Anglo American is selling as part of a corporate restructuring. Botswana’s Mines Minister Bogolo Joy Kenewendo and Angola’s Mineral Resources Minister Diamantino Pedro Azevedo met privately for approximately 40 minutes before making brief comments to
Angola Diamond Production Hits 10.7 Million Carats in 2025 as Country Aims for Record 14.8 Million Angola’s rough diamond production reached 10.7 million carats in the nine months to September, according to government data released on Friday, as the southern African nation pushes toward another record year for output. The country — already the world’s third-largest diamond producer behind Russia and Botswana — achieved a record 14 million carats in 2024 and is now targeting
Angola Rules Out Using National Budget to Fund Endiama’s Bid for De Beers Stake Angola will not use public funds to finance state-owned diamond company Endiama’s proposed acquisition of a stake in De Beers, Finance Minister Vera Daves de Sousa confirmed on Friday. Endiama has reportedly submitted a bid for a majority stake in De Beers, the diamond unit of Anglo American, according to a source familiar with the matter who spoke to Reuters on
Angola submits bid for Anglo American’s De Beers stake as Botswana and investor groups compete Angola has submitted a formal offer to acquire Anglo American’s 85% majority stake in De Beers, joining a growing list of potential buyers that includes Botswana and investor groups led by former De Beers executives. State-owned Angolan diamond producer Endiama presented a “concrete and well-defined proposal” and is moving forward with subsequent steps, said CEO José Manuel Ganga Júnior, who
Moody’s cuts Botswana’s rating to Baa1, citing diamond market downturn and rising government debt Global credit ratings agency Moody’s Investors Service has downgraded Botswana’s sovereign credit rating from ‘A3’ to ‘Baa1’, citing mounting challenges as the government struggles to adjust to a structural decline in the diamond industry and a rising debt burden. “The economy remains heavily reliant on capital-intensive diamond mining; diversification efforts lag due to reform delays, while exposure to climate shocks persists,”
Lab-grown diamond demand drops amid oversupply; consumers shift back to natural diamonds, says World Diamond Council president Lab-grown diamonds are rapidly losing their shine as oversupply floods the market and prices plummet, prompting consumers to rediscover the allure of natural stones, according to World Diamond Council President Feriel Zerouki. After reaching record highs in early 2022, natural diamond prices slumped in the second half of the year—largely due to the rising popularity of lab-grown gems,
Debswana Announces Plans to Diversify Beyond Diamonds, Leveraging 55 Years of Mining Expertise Debswana, the mining powerhouse that has been the backbone of Botswana’s economy for over 55 years, is charting a new course beyond its traditional diamond business. Speaking at the African Mining Summit in Gaborone this morning, Bakani Motlhabani, Chief Technical Officer at Debswana Diamond Company, revealed that the firm is exploring diversification opportunities to sustain long-term growth as diamond resources decline. “We
