Angola is looking to buy a 20%-30% stake in De Beers, the diamond subsidiary being sold by Anglo American, as part of a proposal being explored with other African diamond-producing countries.
De Beers, one of the world’s major diamond corporations, operates in Botswana, Namibia, Angola, South Africa, and Canada. Anglo American has decided to sell the unit, citing declining diamond prices and more competition from synthetic stones.
Angola made an offer for a majority share in De Beers in October 2025, but has since changed its mind, according to Reuters.
“Taking the majority stake within luxury commodities is very dangerous because it depends on the market,” Paulo Tanganha, Angola’s national director of mineral resources, told Reuters.
“So to de-risk that, we have to have a portion that is sustainable for our economy. And that range is between 20% and 30%, we are happy about that.”
Angola’s previous majority proposal opened the threat of a bidding battle with Botswana, which now owns 15% of De Beers and has stated that it wants to boost its stake to a controlling position.
Tanganha stated that Botswana, Angola, Namibia, and South Africa were now holding closed-door talks to find a unified perspective on how each country may benefit from De Beers ownership, but no agreement had been reached.
“For Angola, state-owned diamond miner Endiama and national diamond trading company Sodiam would acquire the stake on behalf of the government,” he said.
Anglo American announced on Thursday that it was assessing the value of De Beers’ company after rough diamond production declined in 2025.
De Beers announced last year that it had discovered a new kimberlite field in Angola, its first in three decades.
Diamonds remain the backbone of Botswana’s economy, accounting for over 80% of exports and almost one-third of government revenue, but the sector has been under constant pressure.