Angola is seeking a 10% stake in De Beers as the battle for ownership of the diamond producer intensifies, with Botswana moving to double its holding to 30% under a proposed transaction involving Anglo American. The competing ambitions could reshape control of one of the world’s most influential diamond businesses.

Botswana moves to expand control

Angola’s interest was disclosed by a spokesperson for the country’s Ministry of Mineral Resources, Petroleum and Gas. Anglo American, which owns 85% of De Beers, put its controlling stake up for sale in 2024 as part of a broader restructuring aimed at sharpening its focus on other mining businesses.

Botswana, which held the right of first refusal over Anglo American’s stake, backed the proposed transaction on Monday, saying it would increase its ownership in De Beers to 30%. The move would give the southern African country a larger say in the future of a company central to its diamond industry.

A strategic diamond asset

De Beers has deep economic ties to Botswana through Debswana, its 50-50 joint venture with the government. The partnership operates major diamond mines and has helped make Botswana one of the world’s leading diamond producers, generating export earnings, government revenue and thousands of jobs.

The proposed ownership changes come as the diamond industry confronts weaker prices and growing competition from laboratory-grown stones.

Anglo American launched the divestment process in 2024 as part of a portfolio overhaul, seeking to exit a business whose performance has been pressured by shifting consumer preferences and difficult market conditions.

Global consortium attracts interest

The Global Diamond Consortium, identified by Botswana as the preferred bidder, includes interests from Botswana, Angola and Namibia, with Oman also working toward becoming a co-owner. Swiss luxury group Richemont, the owner of Cartier, is among the companies in discussions to join the consortium.

Anglo American said Monday it would continue working with the African governments and the consortium toward agreeing on binding transaction documents.

The involvement of several governments and private-sector investors underscores the strategic importance of De Beers and the complexity of transferring control of its global diamond operations.

De Beers’ global footprint

De Beers operates across the diamond value chain, from exploration and mining to sales and retail, with major activities in Botswana, Namibia, South Africa and Canada. Its portfolio includes Debswana and Namdeb, as well as offshore diamond recovery and exploration projects in Angola.

For Botswana and Angola, acquiring stakes offers an opportunity to gain greater influence over diamond production, marketing and the distribution of value from their natural resources.

For Anglo American, the proposed sale would mark a significant break from a business closely associated with its history in Africa’s mining industry.