By a Correspondent
Angola is seeking to acquire a 20% to 30% stake in De Beers, saying the investment is aimed at securing meaningful influence over the future of the world’s leading diamond company rather than outright control.
Speaking at the Doing Business Angola conference in Lisbon, Petroleum and Mineral Resources Minister Diamantino Azevedo said Luanda wants an ownership position that allows it “to sit at the table”, shape De Beers’ long-term strategy and participate in executive-level decision-making.
The move comes as Anglo American prepares to sell De Beers as part of a broader restructuring strategy focused on expanding its copper business.
A stake of between 20% and 30% would give Angola board representation and strengthen the influence of African diamond-producing nations within De Beers. Combined with Botswana’s long-standing 15% shareholding, African producer nations could collectively control between 35% and 45% of the company, creating a powerful bloc capable of influencing strategic decisions.
Angola, Africa’s second-largest diamond producer, has shifted from its earlier ambition of acquiring a majority stake after concluding that such a position would expose the country to excessive market risks amid weak global demand for luxury goods.
“Taking the majority stake within luxury commodities is very dangerous because it depends on the market,” Angola’s National Director of Mineral Resources, Paulo Tanganha, told Reuters.
“To de-risk that, we have to have a portion that is sustainable for our economy. That range is between 20% and 30%, and we are happy about that.”
The country is simultaneously pursuing an aggressive expansion of its own diamond industry through state-owned miner Endiama, targeting annual production of 17 million carats by 2027.
Government figures presented during the 2025 Africa Mining Indaba showed Endiama produced a record 14 million carats of rough diamonds in 2024, making Angola the world’s third-largest diamond producer by volume after Russia and Botswana.
The proposed investment comes at a challenging time for the global diamond industry. Weak consumer demand and falling diamond prices have forced De Beers to implement cost-cutting measures, including suspending mining operations at its Venetia mine in South Africa for two years.
Venetia accounts for about 10% of De Beers’ global production and approximately 40% of South Africa’s annual diamond output. The mine employs more than 3,500 workers, while the company also plans to reduce capital expenditure at the operation as it navigates a prolonged downturn in the diamond market.
For Angola, the proposed investment represents more than a financial transaction. It is part of a broader strategy to ensure Africa’s leading diamond-producing nations play a greater role in shaping the future of an industry built on the continent’s vast mineral wealth.
