De Beers has discovered a new kimberlite field in Angola, marking its first such find in three decades, the diamond giant announced on Tuesday.

In July, the Anglo American unit, working with Angola’s state-owned diamond company Endiama, struck kimberlite in its first drill hole targeting a high-priority cluster identified from airborne surveys carried out in March 2025.

Kimberlite, a rare volcanic rock that transports diamonds to the earth’s surface, is the main source of mined gems.

Over the coming months, De Beers plans to conduct further drilling, ground geophysical surveys, and laboratory tests to determine the type of kimberlite and assess its diamond potential.

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“Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence. We are excited about the role De Beers can play in helping the country deliver on its huge potential, both below and above the ground,” said Al Cook, CEO of De Beers Group.

The discovery builds on two Mineral Investment Contracts signed between De Beers and the Angolan government in April 2022, and a Memorandum of Understanding signed at Mining Indaba in February 2024.

Parent company Anglo American is currently in the process of divesting De Beers to focus on copper and iron ore.

At least six potential buyers, including commodities billionaire Anil Agarwal, Indian diamond companies, and Qatari investment funds, have shown interest, according to sources.

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Image Credit: Business Insider Africa