Africa’s leading diamond powerhouses, Botswana and Angola, have opened discussions to acquire control of the world’s largest and most recognizable mining brand, De Beers, in what could redefine the global diamond industry’s balance of power.
The talks, still at an early stage according to industry insiders, signal a strategic push by African producers to claim greater ownership of the value chain and reduce decades of dependency on foreign mining giants.
The discussions, which took place in Gaborone on Friday, centered on cooperation in the diamond sector and the potential joint acquisition of De Beers, the world’s most prominent diamond mining company, currently owned by Anglo American.
“At the top of everyone’s minds this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry,” Kenewendo said during the meeting.
She added that as two of the largest producers of diamonds by quantity and value, it was only right that both nations “join hands in discussing how to get the most out of this natural resource.”
A shift in Africa’s diamond power balance
Botswana currently holds a 15% stake in De Beers and contributes roughly 70% of its annual rough diamond output. The country considers De Beers a strategic national asset, particularly as diamond revenues account for a large share of its GDP.
Angola, on the other hand, has been expanding its mining ambitions and has expressed interest in acquiring a controlling stake in De Beers, a move that could trigger a reshaping of power within the global diamond trade.
Last year, The Wall Street Journal reported that Anglo American was considering selling De Beers, citing “people familiar with the matter.” The report noted that De Beers underperformed in 2024 as weak global diamond demand weighed on both sales and prices.
Anglo American CEO Duncan Wanblad acknowledged the challenge, saying that “ongoing uncertainty around economic growth prospects has led to a continued cautious purchasing approach by sight holders,” with a gradual recovery expected later in the year.
The Gaborone talks signal Africa’s growing assertiveness in determining its resource future. Should the two nations move forward with a bid for De Beers, it would not only shift the ownership dynamics of the century-old diamond giant but also mark a defining moment for Africa’s control over its most valuable minerals.
