Angola is now targeting a 20%-30% stake in De Beers, the Anglo American-controlled diamond group, a senior official from Angola’s mining ministry told Reuters at an African mining conference in Cape Town. The proposed share range is being discussed with other diamond-producing nations in the region as part of efforts to shape a collective approach.
De Beers, which operates across Botswana, Namibia, Angola, South Africa and Canada, has been placed up for sale by Anglo American amid a downturn in diamond prices and the rising prominence of synthetic diamonds. Angola had earlier submitted a bid in October 2025 seeking a majority stake, although its initial objective had been a minority holding.
Paulo Tanganha, Angola’s national director of mineral resources, said taking a majority position in a luxury commodity business brings heightened exposure to market volatility. "Taking the majority stake within luxury commodities is very dangerous because it depends on the market," he said. "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."
Closed-door consultations are underway between Botswana, Angola, Namibia and South Africa as they explore a shared stance on how each country could derive benefit from owning a stake in De Beers. These talks have not yet produced an agreement, according to Tanganha, who emphasized a collective approach: "There is a saying: together we are stronger. That’s the way we are doing it. And if my neighbour is suffering, I also suffer. So we have to be together and fight together as a team."
Angola’s planned stake would be held on the government’s behalf by state-owned entities Endiama, the national diamond miner, and Sodiam, the national diamond trading company, Tanganha said. He declined to specify how the acquisition would be financed, noting only that the country had many sources of funding.
Botswana, which currently owns 15% of De Beers, has signaled it is working on securing a majority stake, setting up a potential competitive dynamic in any sell-off process. Anglo American said it was reviewing the value of the De Beers diamonds business after a decline in rough diamond production in 2025.
Signalling Angola’s geological potential, De Beers and Endiama’s joint venture in Angola discovered a new kimberlite cluster last year - the first such find in Angola in three decades. Kimberlite is a rare rock type where diamonds are commonly found.
Summary
Angola has shifted from seeking a majority stake to pursuing a 20%-30% holding in De Beers, discussing the plan with regional partners. The move aims to balance participation in the diamond sector with risk management amid market pressures on diamonds and the growth of synthetics.
Key points
- Angola is targeting a 20%-30% stake in De Beers after previously submitting a bid for a majority stake in October 2025.
- Closed-door talks with Botswana, Namibia and South Africa are ongoing to seek a coordinated approach to any stakes in De Beers; no consensus has been reached.
- State-owned Endiama and Sodiam would hold any Angolan stake, while Angola did not disclose funding details for the acquisition.
Risks and uncertainties
- Market volatility in luxury commodities - A majority stake in a company tied to luxury goods carries exposure to fluctuating diamond prices and demand dynamics, affecting the mining and luxury sectors.
- Regional negotiation outcomes - Ongoing, private discussions among neighbouring diamond-producing countries create uncertainty about how benefits and ownership will be allocated, influencing national mining policies and state-owned firms.
- Operational and valuation review - Anglo American’s review of the De Beers diamonds business after reduced 2025 rough production introduces uncertainty about the timing and terms of any sale, with implications for mining industry stakeholders.