The Battle for De Beers Heats Up
The diamond industry is witnessing one of its most dramatic power struggles in decades. Botswana’s president, Duma Boko, just declared his country’s intent to grab a majority stake in De Beers by the end of October, signaling nothing less than a bid to “control the industry.” Botswana already owns 15% but wants full dominance, backed by potential partners like Oman’s sovereign wealth fund.
But Angola isn’t standing by quietly. The state-owned Endiama announced its own bid, aiming for a “significant minority stake” and pushing for a more balanced structure. Angola’s minister of mineral resources, Diamantino Pedro Azevedo, stressed that De Beers’ future must remain “private-sector-led” with no single nation dictating terms. Translation? Angola doesn’t want Botswana turning De Beers into a state-controlled empire.
Two Competing Visions
On paper, Botswana is the world’s largest diamond producer by value, while Angola is quickly rising as a powerhouse that may even surpass Botswana in rough diamond output. But the real drama is philosophical.
- Botswana’s stance: Take majority control, consolidate power, and dominate natural diamond trade flows.
- Angola’s stance: Keep De Beers diversified, global, and industry-led—because over-centralization could kill its competitiveness.
Analysts warn the stakes are sky-high. Peter Meeus of PME Consulting said bluntly: “It would not be wise for De Beers to become a government entity.” Others, like diamond analyst Paul Zimnisky, note Botswana’s October timeline looks “aggressive” given other bidders are circling.
Meanwhile… Consumers Are Moving On
While governments fight over control of billion-dollar mines, the elephant in the room is that lab-grown diamonds are rapidly eating away at demand for natural stones.
- lab-grown diamond engagement rings are trending with Gen Z couples who value transparency.
- ethical lab-grown diamonds vs mined diamonds is no longer just a niche debate—it’s shaping mainstream purchase decisions.
- sustainable lab-grown diamond jewelry keeps growing because it avoids the geopolitical chess match around mining rights, tariffs, and resource nationalism.
Botswana and Angola may see control of De Beers as the crown jewel of economic power. But to a modern consumer scrolling Instagram for a lab-grown diamond tennis bracelet, the politics of natural mining feels irrelevant.
The Bigger Picture
Whether Botswana secures its aggressive majority bid, or Angola succeeds in keeping De Beers “balanced,” the outcome could reshape the entire natural diamond supply chain. But here’s the uncomfortable truth: no matter who wins, they’re fighting for control of an industry under siege.
Consumers are shifting faster than trade deals can be signed, and in that shift, lab-grown diamonds remain the real winners. Tariff-free, sustainable, and accessible, they’re already creating the kind of disruption no government can control.