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
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
