Namibia’s deputy prime minister and minister of industries, mines, and energy, Natangwe Ithete, says the country is not yet convinced about joining a proposed African consortium to acquire De Beers.
“It depends,” Ithete told Mining & Energy. “To be honest, the diamond industry is going down. It is not a secret that the industry is under pressure and affected by the so-called lab diamonds, the synthetic diamonds. So this is something we need to study very carefully, to determine whether it is worth pursuing or not.”
The cautious stance comes as Angola leads discussions following Botswana President Duma Boko’s claim that his country intends to secure majority control of De Beers by the end of October. Boko also said Botswana has been engaging Angola on forming a joint bid.
Currently, Botswana owns 15% of De Beers, while Anglo American holds 85%, a stake it has announced it will sell.
However, Namibia has yet to receive any direct approach from Angola about the plan. “Maybe the communication has not yet come through, or maybe it is still to come,” Ithete noted.
In a commentary for Botswana’s Mmegi, veteran analyst Chaim Even-Zohar strongly supported Botswana’s takeover ambitions but suggested Namibia would be a “better and more reliable ally” than Angola.
The issue is particularly sensitive because Namibia and De Beers already operate as 50/50 partners in Namdeb, which manages the country’s diamond mining operations. That makes Namibia’s hesitation a critical factor in whether an African-led takeover of De Beers could succeed.
At stake is not just corporate control but the larger question: should African producers double down on natural diamonds at a time when lab-grown alternatives are undermining demand and reshaping consumer perception? The tension exposes a growing rift—between resource nationalism and the harsh economic reality of a rapidly changing diamond market.
Stay ahead of the diamond disruption. Read the AIDI Lab-Grown Diamond Guide to understand how synthetic diamonds are rewriting the rules for producers, retailers, and nations.