Botswana and Angola Forge a New Diamond Order

Botswana and Angola are in early-stage talks to jointly acquire De Beers – the world’s most iconic diamond brand – from its parent company, Anglo American, in a move that could dramatically shift control of the global diamond trade toward Africa.

The discussions, confirmed by Botswana’s Mines Minister Bogolo Joy Kenewendo and Angola’s Diamantino Pedro Azevedo during a bilateral meeting in Gaborone, aim to deepen cooperation across diamonds, energy, and logistics. At their core is a shared ambition: to capture more value from their vast mineral wealth and reduce reliance on foreign mining giants.

“With Botswana and Angola among the top global producers by volume and value, it’s only right we join hands to maximize the potential of this natural resource,” Kenewendo said.

Botswana already holds a 15 percent stake in De Beers and supplies about 70 percent of its rough diamonds – making the partnership vital to its economy, where diamonds contribute significantly to GDP. Angola, meanwhile, is aggressively expanding its mining sector and has signaled interest in a controlling stake.

The timing is strategic. Anglo American has reportedly considered selling De Beers amid a prolonged slump in diamond demand and prices.

CEO Duncan Wanblad acknowledged “ongoing economic uncertainty” has dampened buyer confidence, though a modest recovery is anticipated later this year.

If successful, a joint African acquisition would mark a historic pivot – transferring ownership of a century-old symbol of global mining power to the continent that supplies its most prized stones.