Angola is seeking to acquire a 20 to 30 percent stake in diamond giant De Beers, a senior mining official said Sunday, as the southern African nation joins talks with regional producers on reshaping ownership of one of the world’s most influential diamond companies.
The move comes as De Beers’ parent company, Anglo American, prepares to sell its majority holding amid a prolonged slump in diamond prices and growing competition from lab-grown stones.
“We want to participate in De Beers’ future with a meaningful shareholding,” Paulo Tanganha, Angola’s National Director of Mineral Resources, told AFP on the sidelines of the annual Investing in African Mining Indaba conference in Cape Town.
Angola is discussing its bid with neighbouring diamond-producing countries, including Botswana and Namibia, which already host major De Beers operations. Tanganha said the goal was to reach a common African position rather than pursuing unilateral control.
De Beers operates mines in Botswana, Namibia, Angola and South Africa, as well as in Canada, and has long played a dominant role in the global diamond trade. Anglo American currently owns 85 percent of the company, with the government of Botswana holding the remaining 15 percent.
Anglo announced plans last year to sell De Beers as part of a broader restructuring, as demand for natural diamonds weakened and lab-grown alternatives gained popularity, particularly among younger consumers.
Angola initially submitted a bid for a majority stake in De Beers in October 2025, Tanganha said, but later revised its approach after consultations with regional partners and an assessment of financing constraints.
“At first, we looked at a majority position,” he said. “But we believe a shared ownership structure with other producing countries would better reflect Africa’s role in the diamond industry.”
Diamond-producing countries in southern Africa have in recent years pushed to capture more value from their mineral wealth, seeking greater influence over pricing, marketing and downstream activities such as cutting and polishing.
Botswana, the world’s largest producer of diamonds by value, has renegotiated its long-standing partnership with De Beers to secure higher revenues and relocate parts of the company’s diamond-sorting and sales operations to the capital, Gaborone.
Analysts say Angola’s interest in De Beers reflects broader shifts in the global diamond market. Prices have come under pressure from slowing demand in key markets such as China and the United States, while lab-grown diamonds have steadily eroded the appeal of mined stones in the jewellery sector.
“The industry is at a turning point,” said a mining analyst attending the conference. “This is forcing companies and producing countries to rethink ownership models and long-term strategies.”
Angola is Africa’s third-largest diamond producer by value and has sought to revive its mining sector through regulatory reforms and efforts to improve transparency. The government has positioned diamonds as a pillar of economic diversification as it seeks to reduce dependence on oil revenues.
However, public finances remain under strain, and the government faces competing priorities, including infrastructure, healthcare and education. Tanganha said Angola was exploring various financing options for the De Beers stake, including partnerships with private investors and development finance institutions.
He declined to comment on the valuation being discussed or the timeline for a potential deal.
Anglo American has not publicly disclosed details of the sale process, and potential buyers are believed to include sovereign wealth funds, private equity firms and other industry players.
For Angola and its regional partners, securing a stake in De Beers would represent more than a financial investment.
“This is about ensuring that Africa has a stronger voice in the future of its diamonds,” Tanganha said. “We want to move beyond being just producers and become real stakeholders in the global industry.”
