Angola and Botswana are moving to reshape the ownership of De Beers, as Anglo American advances plans to divest its 85 percent holding by the end of 2025. The rival African producers are taking starkly different tacks: Botswana is seeking control; Angola is championing a diversified, pan‑African partnership.
Botswana’s president, Duma Boko, said the government aims to lift its 15 percent stake to a majority by the end of October, framing the move as an issue of economic sovereignty. Gaborone is assembling financing with “potential collaborators”, including Oman’s sovereign wealth fund, according to comments to Bloomberg. Analysts say the timetable is ambitious, given multiple prospective bidders and the complexity of any break from Anglo.
By contrast, Angola’s state miner Endiama has lodged a fully financed bid for a “significant” minority position. Luanda argues De Beers should remain a private‑sector‑led, globally diversified company with no dominant shareholder, urging a consortium that includes Botswana, Namibia and South Africa. Minister of Mineral Resources Diamantino Pedro Azevedo said such a structure would preserve De Beers’ independence and competitiveness.
The contest underscores shifting dynamics in the rough market. Angola, which has opened the only world‑class diamond mine in the past 15 years and is ramping exploration with De Beers, is touted by some analysts as a potential rival to Botswana on volume. Yet industry advisers warn that excessive state control could blunt De Beers’ agility in marketing and talent.
Indicative valuations of US$3 billion–$4 billion and the slump in natural diamond demand add complexity. Whether De Beers emerges under Botswana’s guiding hand or a broader African coalition may determine how the century‑old brand navigates a tougher, more fragmented market. (Photo courtesy: De Beers)
13-10-2025
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