Cape Town, South Africa — Angola, the continent’s second-largest diamond producer, is actively pursuing a significant stake in De Beers, Africa’s preeminent diamond company, as it seeks to enhance its presence in the global diamond industry. This strategic move comes as Angola, which has surpassed Botswana to become the largest diamond producer on the continent, plans to expand its diamond production to 17 million carats by 2027.
In Lisbon, at the Doing Business Angola conference, Angola’s Petroleum and Mineral Resources Minister, Diamantino Azevedo, revealed that the government is in talks to acquire a 20-30% stake in De Beers. This is viewed as a calculated effort to gain substantial influence over the company’s strategic direction.
The stake is not about acquiring control, but rather about securing a position at the decision — making table, Azevedo emphasized.
Angola’s diamond sector has experienced robust growth, with the country’s diamond revenue reaching $1. 4 billion in 2024, surpassing Botswana’s $1. 3 billion.
This success is attributed to the state — owned miner, Endiama, which produced a record 14 million carats in 2024. Endiama’s Executive Director, Laureano Paulo, has projected that Angola could become the world’s largest diamond producer in the near future, based on the company’s ambitious production targets.
The potential acquisition of a stake in De Beers is part of Angola’s strategy to solidify its position in the global diamond market.
However, concerns have been raised about the risks associated with a significant investment in De Beers, particularly given the market’s volatility. Despite these concerns, Angola’s pursuit of a stake in De Beers underscores the country’s ambition to become a key player in the global diamond industry.
As Angola scales up its diamond production, its focus on acquiring a stake in De Beers is poised to reshape the dynamics of the global diamond market.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Chinedu Okafor
