SourcingApr 18, 2022
De Beers: Diamond Businesses Taking a ‘More Cautious’ Approach SourcingApr 21, 2022
De Beers Slated to Begin Diamond Exploration in Angola
The company has signed two Mineral Investment Contracts for license areas in northeast Angola.
A close-up of a rock core sample from a De Beers Group operation in Calgary, Alberta, Canada. The diamond miner and marketer announced Wednesday that it will begin exploration in a new country later this year—Angola. (Photo © De Beers Group/Credit: Ben Perry @ Armoury Films)
London—De Beers Group is one step closer to operating in Angola again, having inked an agreement with the government that allows it to look for diamonds there.
The diamond miner and marketer said Wednesday it has signed Mineral Investment Contracts, or MICs, with the Angolan government for two license areas in the northeast quadrant of the country.
The MICs are for the award and exercise of mineral rights covering all stages of resource development, from exploration to mining. They are good for 35 years.
A separate, new joint venture company comprised of De Beers Group and Angola’s state-owned diamond company, Endiama, will hold each concession area.
De Beers will maintain a “substantial majority” (90 percent stake) in the new companies while Endiama will have the ability to incrementally increase its equity share over time, in line with “certain conditions” outlined in the shareholder agreements.
Related stories will be right here …
The diamond miner and marketer said Wednesday it has signed Mineral Investment Contracts, or MICs, with the Angolan government for two license areas in the northeast quadrant of the country.
The MICs are for the award and exercise of mineral rights covering all stages of resource development, from exploration to mining. They are good for 35 years.
A separate, new joint venture company comprised of De Beers Group and Angola’s state-owned diamond company, Endiama, will hold each concession area.
De Beers will maintain a “substantial majority” (90 percent stake) in the new companies while Endiama will have the ability to incrementally increase its equity share over time, in line with “certain conditions” outlined in the shareholder agreements.
Wednesday’s announcement follows De Beers’ December news that it had applied for permission to look for diamonds in Angola.
According to Reuters, De Beers last operated in the country between 2005 and 2012, carrying out exploration activities but not finding an economically viable deposit to mine.
“The signing of these contracts represents an important milestone in our new partnership with Angola, which is based on a mutual desire to build a thriving diamond sector that delivers meaningful socioeconomic benefit for Angola’s citizens,” CEO Bruce Cleaver said.
“Angola has worked hard in recent years to create a stable and attractive investment environment and we are pleased to be returning to active exploration in the country.”
The world’s two other largest diamond miners, Alrosa and Rio Tinto, already are operating in Angola, though Alrosa’s goods remain under sanction in the U.S.
De Beers said it expects to start exploration activities in Angola this year, pending regulatory approvals.
Diamond mining will take place only if the company finds a deposit that’s economically feasible to develop.
More on Sourcing
The Latest
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
