Africa-Press – Botswana. Botswana and Angola are spearheading efforts to form a pan-African consortium of diamond-producing nations to jointly acquire and manage De Beers as southern African governments seek greater control over the continent’s most valuable natural resource.
The move comes amid Anglo American’s planned divestment of its 85 percent stake in the diamond giant, which has triggered a geopolitical race to reshape the future of the global diamond industry.
Botswana, which already holds a 15 percent stake in De Beers, is aiming to secure majority ownership by the end of October, according to President Duma Boko.
Boko confirmed ongoing negotiations with Anglo American and potential financing partners, including Oman’s sovereign wealth fund, to close the deal.
“We are more than ready for the transaction,” Boko told Bloomberg TV, noting the strategic importance of natural diamonds to Botswana’s economy and identity.
Meanwhile, Angola has submitted a fully financed bid for a minority stake through its national diamond company, Endiama.
The country’s Mineral Resources Minister Diamantino Pedro Azevedo said the offer is designed to foster a multi-country partnership involving Angola, Botswana, Namibia and South Africa – ensuring no single nation dominates the company’s future direction.
He said such a consortium would preserve De Beers’ independence and international competitiveness, adding that the goal is to maintain the company as a private-sector-led, global entity.
Southern Africa is home to some of the world’s richest diamond deposits, with the mineral accounting for 80 percent of Botswana’s export earnings and nearly a third of government revenue.
De Beers mines most of its stones in Botswana and recently announced the discovery of a new kimberlite field in Angola, in partnership with Endiama.
The push for African ownership comes at a turbulent time for the diamond industry, with natural stones facing mounting competition from lab-grown alternatives and declining global prices.
If successful, the proposed consortium could mark a historic shift in Africa’s role within the global diamond value chain, transforming De Beers from a legacy multinational into a vehicle for regional economic empowerment and resource sovereignty.
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