Efforts are underway for Angola to secure a 20% to 30% shareholding in De Beers, the global diamond powerhouse owned by UK-based mining group Anglo American, as African diamond-producing countries look to jointly strengthen their influence over the industry’s most valuable assets.
The interest comes as Anglo American moves toward selling off De Beers amid weakening diamond prices and rising competition from lab-grown stones. With operations spanning Botswana, Namibia, Angola, South Africa and Canada, the future ownership of De Beers has become a key strategic issue for African resource-rich nations.
Paulo Tanganha, Angola’s national director of mineral resources, revealed at an African mining conference in Cape Town that the country had scaled back its ambitions after initially submitting a bid for majority ownership in October 2025.
“Controlling a luxury commodity through a majority stake carries significant risk because of market volatility,” Tanganha explained. He noted that a minority stake offering meaningful influence without excessive financial exposure between 20% and 30% would be more sustainable.
Angola’s earlier push for majority control had raised the possibility of direct competition with Botswana, which already holds a 15% stake in De Beers and has openly stated its intention to pursue full control. Instead of fueling rivalry, the countries have shifted toward quiet negotiations.
Tanganha said discussions are taking place behind closed doors among Angola, Botswana, Namibia and South Africa to develop a common position that delivers shared benefits. “There is strength in unity,” he said, pointing to a coordinated African strategy for managing diamond resources.
If the deal proceeds, Angola’s investment would be channeled through state-owned diamond producer Endiama and national trading company Sodiam. While officials have not disclosed financing details, they confirmed that several funding options are being considered.
The renewed interest in De Beers comes at a sensitive time for the company. Anglo American recently announced it is reassessing the value of its diamond business after De Beers recorded a drop in rough diamond output in 2025.
Despite current challenges, Angola’s long-term prospects continue to attract attention. In 2024, De Beers and Endiama revealed the discovery of a new kimberlite field in Angola the first such find in 30 years boosting expectations that the country, still largely unexplored geologically, could become a far more significant player in the global diamond supply chain.