Botswana and Angola are spearheading a transformative initiative to reshape the global diamond industry by advocating for pan-African ownership of De Beers, the world’s most iconic diamond company. This bold move follows Anglo American’s announcement to divest its 85% stake in De Beers, opening a rare window for southern African nations to reclaim control over a resource that has long defined their economies. Botswana, which already holds a 15% stake, is actively pursuing majority ownership by the end of October 2025. Backed by international financiers, including Oman’s sovereign wealth fund, Botswana’s bid reflects a strategic effort to consolidate national influence over diamond production and trade.
Angola, meanwhile, has submitted a fully financed bid for a minority stake through its national diamond company, Endiama. Rather than seeking dominance, Angola’s proposal emphasizes regional cooperation, inviting Botswana, Namibia, and South Africa to form a consortium that would preserve De Beers’ independence while enhancing its competitiveness. The vision is to transform De Beers into a pan-African enterprise, one that reflects the continent’s collective strength and ensures that no single country holds disproportionate control. This approach aims to foster unity among diamond-producing nations and position Africa as a central player in the global value chain, not merely a supplier of raw materials.
The timing of this initiative is critical. The diamond industry is facing mounting challenges, including declining prices and increased competition from lab-grown alternatives. Southern Africa holds some of the richest diamond deposits in the world, with the sector accounting for 80% of Botswana’s export earnings and nearly a third of its government revenue. A successful African-led acquisition of De Beers would mark a historic shift, empowering the continent to shape the future of the industry on its own terms. It would also signal a broader movement toward resource sovereignty, economic diversification, and strategic self-determination, values that resonate deeply across Africa’s emerging leadership.