Wayne Lumbasi
Angola is moving to acquire a 20%-30% stake in De Beers, the world-renowned diamond company owned by Anglo American, signaling a strategic effort to increase its influence in the global diamond industry. The decision reflects a shift from previous ambitions for majority control, favoring a minority share that allows Angola to participate meaningfully while limiting financial exposure.
The diamond market is in a period of transformation. Global demand has softened, diamond prices have become volatile, and the rise of laboratory-grown diamonds is reshaping competition. In this context, Angola’s targeted stake provides a pathway to influence decision-making, participate in strategic planning, and benefit from one of the world’s most recognized luxury brands without overextending national resources.
De Beers remains central to the global diamond trade, historically setting supply trends and influencing prices. Anglo American’s decision to sell a portion of its stake has created opportunities for African diamond-producing countries to secure greater ownership. Angola’s bid is part of a wider regional conversation involving Botswana, Namibia, and South Africa.
Botswana, which currently holds 15% of De Beers, is seeking to expand its stake and potentially gain majority control. Its position reflects the country’s long-standing economic reliance on diamonds, which account for a significant share of national revenue. Namibia has expressed interest in participating, though cautiously, aiming to ensure that its diamond sector also benefits from expanded ownership. South Africa, as a historic producer with both operational expertise and market influence, is part of broader discussions about regional collaboration and ensuring shared benefits from the company’s future direction.
Angola intends to acquire its stake through state-linked companies, Endiama and Sodiam, embedding national interests directly into De Beers’ shareholder structure. The approach aligns with Angola’s broader economic diversification goals, enabling the country to move from extraction to equity participation, access global distribution networks, and strengthen its position in the industry.
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