Africa’s two leading diamond producers Botswana and Angola, are in high-level talks that could reshape the global diamond market.
The two nations have begun discussions to jointly acquire control of De Beers, the world’s largest and most recognizable diamond mining company, in a move that could redefine the balance of power in the global diamond industry.
According to Reuters, Botswana’s Mines Minister, Bogolo Joy Kenewendo, met with Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Pedro Azevedo, to discuss potential collaboration in diamonds, energy, and logistics.
The talks, described by insiders as still being in the early stages, reflect a growing determination by African diamond producers to gain greater ownership of the value chain and reduce decades of reliance on foreign mining giants.
The meeting, held in Gaborone on Friday, focused on strengthening cooperation within the diamond sector and exploring the possibility of a joint acquisition of De Beers, which is currently owned by Anglo American.
“At the top of everyone’s minds this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry,” Kenewendo said during the meeting.
She further emphasized that, as two of the world’s largest diamond producers by both quantity and value, Botswana and Angola should “join hands in discussing how to get the most out of this natural resource.”
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Botswana currently owns a 15% stake in De Beers and contributes about 70% of the company’s annual rough diamond output.
The nation views De Beers as a key strategic asset as diamond revenues make up a significant portion of its GDP.
Angola, meanwhile, has been expanding its mining ambitions and has shown interest in acquiring a controlling stake in De Beers, a move that could significantly alter the global diamond trade’s power structure.
Reports from The Wall Street Journal last year indicated that Anglo American was considering selling De Beers, citing sources familiar with the matter.
The publication noted that De Beers had underperformed in 2024 due to weak global demand for diamonds, which weighed heavily on both sales and prices.
Anglo American CEO Duncan Wanblad acknowledged the challenges facing the sector, stating that “ongoing uncertainty around economic growth prospects has led to a continued cautious purchasing approach by sight holders,” while expressing optimism for a gradual recovery later in the year.
The discussions in Gaborone highlight Africa’s growing determination to assert control over its natural resources.
If Botswana and Angola proceed with a joint bid for De Beers, it would not only transform the ownership structure of the century-old diamond giant but also represent a historic milestone in Africa’s quest to take charge of its most valuable minerals.
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Image Credit: Business Insider Africa
