SourcingSep 22, 2025
Rio Tinto Announces Final ‘Beyond Rare’ TenderSourcingSep 25, 2025
2 African Countries Aim to Take Stake in De Beers
Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.
The entrance to the Jwaneng diamond mine in Botswana, which is operated by De Beers Group and the government of Botswana and is considered to be world’s richest diamond mine. This week, leaders from both Botswana and Angola spoke out about taking a stake in De Beers.
New York—Leaders from the governments of Botswana and Angola, two top diamond-producing countries, are expressing their interest in the future of De Beers Group as Anglo American looks to offload its majority stake in the company.
Angola’s proposal, communicated via a press release shared Wednesday, is for De Beers to remain a private company in which African countries have a stake.
Earlier this month, the country’s state-run diamond company, Endiama E.P., submitted a “fully financed” offer to acquire a minority stake in De Beers, and invites Botswana, Namibia, and South Africa to join it.
The release did not provide any specifics on who was involved in financing the offer, and Peter Meeus, an adviser and consultant to the Angolan government, said the government cannot comment on who is behind the financing of the bid.
“Angola believes De Beers’ future depends on remaining a private-sector-led, global company,” Angola’s Minister of Mineral Resources, Petroleum, and Gas Diamantino Pedro Azevedo said in the release.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa, and Angola all participate meaningfully—ensuring that no single party dominates and that the company can grow as a truly international commercial entity.”
According to Kimberley Process statistics for 2024, Angola was the world’s third-largest producer of rough diamonds by volume last year (14 million carats), topped only by Russia and Botswana, and the second-largest producer in terms of value ($1.41 billion), behind only Russia.
In the release issued Wednesday, Angola noted it is the only country that has brought a new “world-class” diamond mine online in the past 15 years.
The Luele mine, located in northeastern Angola, opened in November 2023, and has an estimated production capacity of about 4 million carats a year.
In addition, last month, De Beers and Endiama announced the discovery of a new field of kimberlite, the host rock for diamonds, in Angola.
De Beers said at the time that it was the first new kimberlite field it had found in more than three decades, and the company’s CEO Al Cook called Angola “one of the best places on the planet to look for diamonds.”
Related stories will be right here …
Angola’s proposal, communicated via a press release shared Wednesday, is for De Beers to remain a private company in which African countries have a stake.
Earlier this month, the country’s state-run diamond company, Endiama E.P., submitted a “fully financed” offer to acquire a minority stake in De Beers, and invites Botswana, Namibia, and South Africa to join it.
The release did not provide any specifics on who was involved in financing the offer, and Peter Meeus, an adviser and consultant to the Angolan government, said the government cannot comment on who is behind the financing of the bid.
“Angola believes De Beers’ future depends on remaining a private-sector-led, global company,” Angola’s Minister of Mineral Resources, Petroleum, and Gas Diamantino Pedro Azevedo said in the release.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa, and Angola all participate meaningfully—ensuring that no single party dominates and that the company can grow as a truly international commercial entity.”
According to Kimberley Process statistics for 2024, Angola was the world’s third-largest producer of rough diamonds by volume last year (14 million carats), topped only by Russia and Botswana, and the second-largest producer in terms of value ($1.41 billion), behind only Russia.
In the release issued Wednesday, Angola noted it is the only country that has brought a new “world-class” diamond mine online in the past 15 years.
The Luele mine, located in northeastern Angola, opened in November 2023, and has an estimated production capacity of about 4 million carats a year.
In addition, last month, De Beers and Endiama announced the discovery of a new field of kimberlite, the host rock for diamonds, in Angola.
De Beers said at the time that it was the first new kimberlite field it had found in more than three decades, and the company’s CEO Al Cook called Angola “one of the best places on the planet to look for diamonds.”
Angola’s announcement came one day after Botswana’s President, Duma Boko, said during an appearance on Bloomberg TV that his country wants to take a controlling stake in De Beers.
Botswana currently owns 15 percent of the diamond mining and marketing company and is looking to take “effective control” of the diamond industry by upping its stake to more than 50 percent.
“We’ve communicated our firm intention to increase our stake in De Beers to a controlling stake; that is, upwards of 50 percent,” Boko said during an interview in New York.
He said the country has lined up a number of “potential collaborators,” naming specifically the Oman Sovereign Wealth Fund, and that the deal must close by the end of October, a timeline diamond industry analyst Paul Zimnisky described as “aggressive” given the complexity of the situation.
“Given the importance of this deal, I think it would be better if the interested parties formally and privately submit bids and then ultimately let Anglo American, the selling entity of De Beers, make a decision and then publicly announce the result,” he said via email.
“Given the amount of people who will be impacted by this deal, probably millions of people if we include all of the stakeholders of the larger diamond industry, the situation is very sensitive.”
Zimnisky added that private investors could be “turned off” if one of the governments involved is perceived to be too aggressive.
“At the end of the day, the industry needs the strongest ownership base possible for De Beers, which would presumably include private and public investors with aligned interests, i.e., to make the diamond industry succeed long-term with smart management and sufficient investment,” he said.
Anglo American publicly confirmed its intention to offload De Beers in May 2024 as part of a broader restructuring.
In an interview conducted earlier this year, Cook said the company’s separation from Anglo American likely will be complete in the first half of 2026.
When asked again about the timeline of the sale on Wednesday, De Beers referred all questions to Anglo American.
An Anglo American spokesperson said while the company cannot comment on specifics related to the De Beers deal, it continues to move forward with the sale of its 85 percent stake in the company.
The spokesperson said Anglo American also is preparing for a potential initial public offering (IPO) of De Beers on a stock exchange, a possibility Bloomberg reported on back in March.
“We are engaging the Government of Botswana and other stakeholders [in the process], as you would expect,” he added.
More on Sourcing
The Latest
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
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.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
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.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
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.
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.
