Editor’s Note
Contrary to initial expectations of limited interest, the impending sale of Anglo American’s majority stake in De Beers has attracted bids from at least six consortia, highlighting the enduring appeal of the diamond giant despite its challenges.
When Anglo American announced in 2024 the sale of its 85% stake in De Beers, few thought there would be many interested parties in acquiring an iconic company that was also mired in difficulties. However, as the closing of the deal approaches, there is already talk of at least six consortia that have expressed interest in the purchase.
Among the potential buyers, two key figures stand out: former CEOs of De Beers and, even more relevantly, two diamond-producing countries: Botswana and Angola. Botswana, which already owns the remaining 15% of the company, has expressed its intention to acquire a majority stake. President Duma Boko stated that his goal is to achieve a “controlling position.”
Both Angola and Botswana are members of the Southern African Development Community (SADC) and regional allies. Nevertheless, in recent days, they have presented very different visions for the future of De Beers, sparking speculation about a possible strategic rivalry between them.
Botswana has historically been an example of stable democracy and prudent economic management in Africa. Angola, in contrast, has faced significant governance challenges. Even so, the natural diamond market has hit Botswana hard in recent years, and the country has shown signs of instability.
Boko’s recent assertion, claiming that his government could close the purchase of De Beers before the end of October, has been met with skepticism. The president mentioned that he has “potential collaborators,” including the sovereign wealth fund of Oman, but there are still no solid confirmations.
For its part, Angola has declared that it is part of a fully funded bid that would grant it a minority stake in De Beers. Although it has not revealed the names of its partners, its stance is strategic: according to 2024 Kimberley Process data, Angola already surpasses Botswana in diamond production by value.
Although De Beers does not yet market Angolan diamonds, the company has been exploring the country and has publicly highlighted its enormous geological potential. Everything indicates that Angola will eventually integrate into De Beers’ select “club” of partners.
What is interesting is the vision proposed by Angola: shared ownership among diamond-producing countries, such as Botswana, Namibia, South Africa, and Angola itself, with the goal of protecting De Beers’ sustainable long-term growth. This proposal contrasts with the direct control approach put forward by Botswana.
In this new stage, De Beers’ African ownership could even become a central part of its brand identity. It has been suggested that the iconic name “De Beers”—recognized, but with some historical baggage—could be licensed as part of a repositioning strategy.
It is no surprise that African countries want to exert greater control over their own natural resources. However, it is still unclear how the consortium proposed by Angola would be structured, or whether Namibia or South Africa would be willing to participate. Furthermore, becoming shareholders of De Beers could further expose these countries’ economies to the fluctuations of the diamond market, just at a time when many recommend diversification.