Angola is seeking to acquire a strategic stake in De Beers, arguing that greater ownership would allow the country to play a more active role in shaping the future of one of the world’s largest diamond producers. According to Reuters, Angola’s Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo said the government wants a seat at the table as Anglo American progresses with the sale of its 85% stake in De Beers. The minister stressed that Angola’s objective is not merely financial, but to help influence the company’s long-term strategy and safeguard the interests of Africa’s leading diamond-producing nations.
Angola, through state-owned diamond companies Endiama and Sodiam, has expressed interest in acquiring a 20% to 30% stake in De Beers. The country had initially considered pursuing a majority holding but later revised its proposal, citing the risks associated with taking full control of a luxury commodities business during a period of subdued global diamond demand. Government officials have also held discussions with Botswana, Namibia, and South Africa on the possibility of coordinated African participation in the ownership structure of De Beers.
The proposed investment comes as Anglo American continues its strategic restructuring, which includes the disposal of De Beers following a prolonged downturn in the diamond market caused by weaker demand from China and increasing competition from laboratory-grown diamonds. Despite these challenges, Angola sees long-term value in the company, particularly after De Beers announced its first kimberlite discovery in the country in more than three decades, reinforcing Angola’s importance within the global diamond industry.
For Angola, securing a meaningful stake in De Beers would represent a significant shift in the governance of the global diamond sector, giving one of Africa’s largest producers greater influence over production strategy, exploration, marketing, and industry development. Analysts say the move reflects a broader ambition among African resource-rich nations to capture greater value from their natural resources while ensuring that strategic decisions increasingly reflect the interests of producing countries rather than solely multinational mining companies.
