When Anglo American put its 85% stake in De Beers up for sale in early 2024, few believed buyers would line up for the troubled giant. Now reports suggest six consortia are circling—and the fight for De Beers is turning into a geopolitical showdown.
Two former De Beers CEOs are reportedly in the mix. But the headline drama comes from Botswana and Angola, both publicly declaring their bids. Botswana already owns 15% of De Beers, but President Duma Boko says he wants a “controlling stake.” Angola, meanwhile, envisions a multinational diamond coalition. The Southern African Development Community (SADC) may call them allies, but their competing visions signal an emerging rivalry.
Botswana has long enjoyed its reputation as southern Africa’s stable “clean” democracy. Angola, in contrast, has endured governance scandals. But the tables are shifting. The collapse of the natural diamond market has left Botswana’s government looking increasingly erratic. Boko’s vow to secure control by “end of October,” backed only by “potential collaborators” such as Oman’s sovereign wealth fund, struck many as wildly unrealistic.
Angola, for its part, says it is part of a “fully financed offer” for a minority stake, though it has yet to name co-investors. According to the 2024 Kimberley Process, Angola now tops Botswana in diamond production by value. De Beers doesn’t currently sell Angolan goods but has been prospecting there, and executives have repeatedly praised Angola’s potential.
The Angolan vision? A partnership of producing nations—Botswana, Namibia, South Africa—sharing ownership and safeguarding De Beers’ future. Compare that to Boko’s blunt call for “effective control of the industry.” Analyst Edahn Golan tells JCK: “A consortium of diamond-producing countries is an important opportunity. Angola’s format is refreshing. It addresses one of the industry’s biggest concerns: De Beers being owned by a majority shareholder that is not fully concerned with the industry’s long-term success.”
Could De Beers reinvent itself as an African-owned brand, licensing out its globally famous name? The idea has appeal, but also baggage. And while resource control is politically powerful, a consortium would be difficult to structure. Would Namibia and South Africa even buy in? And would increasing economic exposure to diamonds really serve these economies at a time when diversification might be wiser?
Angola, once synonymous with a troubled industry, now looks like an unexpected stabilizer. Before the war in Ukraine, Alrosa filled that role: mining, selling, profiting. De Beers, meanwhile, lurched through inconsistent management and baffling strategy shifts. With Alrosa sidelined, Botswana staggering, and De Beers in flux, some insiders now see Angola as a potential anchor—steadying the industry at a moment when it desperately needs clarity.
Still, the deeper question remains: as natural diamonds flounder, will any of these ownership battles matter when lab grown diamonds are quietly reshaping the global jewelry landscape with sustainable growth, transparent pricing, and rising consumer trust?