At a Glance
- Botswana and Angola push for greater control as Anglo American plans De Beers exit.
- Africa’s top diamond producers align to reclaim industry influence and ownership power.
- De Beers’ future may pivot from London boardrooms to African capitals.
De Beers, the world’s most storied diamond company, stands at a critical juncture as Botswana and Angola move to assert greater control over its future.
The two resource-rich nations are quietly reshaping the global diamond conversation, just as Anglo American Plc seeks to offload its 85% stake in De Beers and streamline its portfolio.
At a recent meeting in Gaborone, Botswana’s Mines Minister Bogolo Joy Kenewendo and Angola’s Mineral Resources Minister Diamantino Pedro Azevedo held talks on cooperation in mining, energy, and logistics.
The discussions, though diplomatic in tone, reflected a growing alignment between Africa’s leading diamond producers at a time of shifting market power.
Africa’s power play in the diamond industry
Anglo American’s decision to sell comes with a price tag of roughly $4.9 billion, marking the possible end of an era for a company long synonymous with the modern diamond trade.
For Botswana which owns 15% of De Beers and provides about 70% of its rough diamonds—the move could alter decades of partnership.
Despite a downturn in global diamond prices and slower demand from major markets, Gaborone sees deeper involvement in De Beers as central to its long-term economic stability.
“At the top of everyone’s minds this year is the performance of the diamond industry and our collective efforts to bring back its sparkle,” Kenewendo told reporters. “As some of the largest producers, it’s only right that we ensure our nations benefit fully from this resource.”
Angola’s bid to broaden its mining base
For Angola, the moment offers a chance to move further from its oil dependence and solidify its growing mining ambitions.
After years of reform aimed at attracting foreign investment, Luanda has signaled interest not only in a minority share but possibly in a controlling stake setting up what could become a quiet contest with Botswana for greater influence.
Azevedo has described Angola’s goal as “building a balanced, transparent diamond industry that delivers value for our people.”
The comment highlights how African governments increasingly want not just royalties but real ownership and decision-making power in industries long dominated by multinational corporations.
A legacy at stake
De Beers’ presence stretches across 36 countries, from its mining hubs in Botswana, Namibia, South Africa, and Canada to retail brands like Forevermark and De Beers Jewellers.
The company has led advances in diamond authentication and sustainable mining practices, maintaining an aura of prestige even through changing market conditions.
Yet with Anglo American’s exit on the horizon, the question is no longer just who buys De Beers but who defines the future of the diamond industry.
Whether the next chapter is written in Gaborone or Luanda, the center of gravity for the world’s diamond trade may soon shift closer to where the stones first came from: the heart of Africa.
