LUANDA, Nov 13 – Angola is seeking a 10% stake in De Beers as part of the proposed sale of Anglo American’s majority ownership in the diamond producer, signaling growing participation by African governments in the company’s ownership structure.
An Angolan mines ministry spokesperson confirmed the country’s interest to Reuters on Friday, following a report by local weekly newspaper Novo Jornal. The proposed stake forms part of discussions involving Botswana and Namibia, which are also seeking to increase their participation in the diamond group.
Anglo American, which owns 85% of De Beers, put the company up for sale in 2024 as part of a broader restructuring. The decision followed a prolonged downturn in diamond prices and increasing competition from laboratory-grown stones.
Botswana, which held the right of first refusal over Anglo American’s stake, announced on Monday that it would double its existing 15% holding to 30%.
President Duma Boko said Botswana would become De Beers’ largest single shareholder, while the governments of Angola and Namibia would also participate in the transaction.
The report by Novo Jornal indicated that Namibia was seeking a 10% stake, although Namibian officials had not immediately responded to requests for comment.
Global Diamond Consortium attracts private-sector interest
The proposed transaction is being pursued through the Global Diamond Consortium, which Botswana has identified as its preferred bidder for Anglo American’s 85% holding.
The consortium is also engaging potential private-sector participants, including Swiss luxury goods group Richemont, the owner of Cartier. Richemont is among the companies reported to be in discussions about joining the consortium.
Speaking on Friday, Richemont Chief Executive Nicolas Bos said natural precious stones remained important to the company’s collections but declined to comment on whether it would participate in the proposed acquisition.
Beyond Botswana, Angola and Namibia, the consortium has said it is working with Oman towards establishing a broader ownership partnership for De Beers.
Anglo American said on Monday that it would continue working with the African governments and the consortium to reach agreement on binding transaction documents.
African governments seek greater participation in diamond value chains
The proposed ownership changes could give African diamond-producing countries a more substantial role in the governance and strategic direction of one of the industry’s largest companies.
De Beers operates and explores for diamonds in Botswana, Namibia, Angola, South Africa and Canada. Its ownership structure is particularly significant for southern African economies, where diamond production remains an important source of export earnings, government revenue and employment.
For Botswana, increasing its stake to 30% would strengthen its position as the company’s largest individual shareholder. Angola and Namibia’s proposed 10% holdings would also provide both countries with direct ownership participation.
However, the transaction remains subject to negotiations and the completion of binding agreements. The final ownership structure, including the participation of private investors and Oman, has yet to be established.
