Angola, Botswana, and Namibia acquire stakes in De Beers

On November 9, Botswana President Duma Boko announced in his State of the Nation address that his country, along with Angola and Namibia, had acquired stakes in De Beers, a major diamond mining company. The acquisition saw Botswana take 30%, Angola 10%, and Namibia 10%. This move is seen as a strategic alignment between the three African nations to gain a stronger position in the diamond industry.

According to sources, the negotiations for this acquisition had been ongoing for over a year, with the Sultanate of Oman also showing interest in participating in the deal. The Oman Sultanate recently acquired the Russian Alrosa's stake in the Catoca project in Angola. The acquisition is expected to give the three African nations a stronger voice in the diamond industry, allowing them to influence prices and production.

Botswana will become the largest individual shareholder of De Beers, increasing its stake from 15% to 30%. The country's president, Duma Boko, stated that this move would allow the nation to have a greater say in the company's operations and ensure that local resources bring prosperity to the local population. Angola's participation in the deal was made official in September 2025, when the country's Ministry of Mineral Resources, Oil, and Gas announced that state-owned Endiama EP had made a fully funded offer to acquire a minority stake in De Beers.

The acquisition has raised questions about the financing of the deal and the level of influence the participating nations will have in the company's operations. Analysts have also expressed concerns about the impact of lab-grown diamonds on the market and the ability of the participating nations to compete. According to Wellington Muzengeza, a Zimbabwean journalist and analyst, there are concerns about the commercial viability of the deal and the ability of the participating nations to influence the company's decisions.

The leader of the opposition in Botswana, Dumeslang Saleshando, has also raised concerns about the deal, citing the lack of transparency and the omission of the value that Botswana will invest to increase its stake in De Beers. Saleshando also noted that lab-grown diamonds currently account for 20-30% of the market and are expected to reach 40% by 2030, posing a significant challenge to the diamond industry.

The acquisition is valued at approximately $1.18 billion, although Anglo American, the current owner of De Beers, had valued the company at $2.3 billion at the end of 2025. An additional $500 million is expected to be invested in the company to support its operations. The deal is seen as a significant move in the diamond industry, with the participating nations seeking to gain greater control over the production and pricing of diamonds.

The acquisition is expected to have a significant impact on the diamond industry, with the participating nations seeking to influence prices and production. The deal is also seen as a strategic move to counter the growing threat of lab-grown diamonds. According to analyst Flávio Inocêncio, the acquisition is aimed at establishing a new configuration in the sector and influencing prices through control and restriction of supply.

Key points

• The acquisition marks a significant shift in the diamond industry, with African nations gaining greater control over production and pricing.
• The deal has raised questions about financing and the level of influence participating nations will have in De Beers' operations.
• The acquisition is valued at approximately $1.18 billion and is expected to have a significant impact on the diamond industry.