Angola has revised its ambitions for a stake in De Beers, now seeking a strategic 20% to 30% share rather than the majority control it pursued in October 2025.

The shift comes as parent company Anglo American moves to divest from the diamond giant amidst a global slump in diamond prices and rising competition from lab-grown stones.

Paulo Tanganha, Angola’s national director of mineral resources, stated that a minority stake is a “sustainable” way to de-risk the nation’s economy from the volatility of the luxury commodity market.

This pivot also eases potential friction with Botswana, which currently holds a 15% stake and has expressed interest in gaining a controlling interest.

High-level, closed-door negotiations are currently underway between the diamond-producing “quartet” of Botswana, Angola, Namibia, and South Africa.

These nations are working to establish a unified position on ownership to ensure regional stability, though no formal agreement has been reached. For Angola, state-owned firms Endiama and Sodiam are designated to manage the acquisition.

Despite the current market downturn, De Beers recently discovered a new kimberlite field in Angola, its first major find in thirty years.

While diamonds account for 80% of exports in neighboring Botswana, the industry is bracing for a transformative year as Anglo American evaluates the unit’s value following a production dip in 2025.

SOURCE: BUSINESS INSIDER AFRICA