Angola Seeks 10% Stake in De Beers

Angola says it plans to acquire a 10% stake in De Beers through the Global Diamond Consortium, which is pursuing Anglo American’s 85% controlling holding in the diamond company. Botswana, which already owns 15%, is seeking to increase its stake to 30%, while Namibia is also reported to be seeking 10%. The proposed deal would give African diamond-producing governments greater ownership and influence, but the final allocation of shares and the governments’ combined stake remain unsettled. Anglo put De Beers up for sale in 2024 amid falling diamond prices, weak demand and competition from lab-grown stones; the consortium has been identified as a preferred bidder, with private-sector investors also reportedly interested. Angola’s investment amount and financing have not been disclosed, and the parties still need to resolve key terms before a binding deal can be signed.