Angola has overtaken Botswana to become Africa’s largest diamond producer by value, marking a historic shift in the continent’s mineral economy. According to the latest Kimberley Process report, Angola’s 2024 diamond output reached 14.03 million carats worth US$1.41 billion, surpassing Botswana’s production of 18.13 million carats valued at US$1.36 billion.
This development represents the first time since 2004, when the Kimberley Process began publishing production statistics, that Botswana has ceded its position as the continent’s leading diamond producer. While Botswana maintained a higher volume of production, its revenue contracted by 58.6% in 2024, a sharp contrast to Angola’s 43.8% surge in output value.
Botswana has long been regarded as the cornerstone of global diamond supply, largely through Debswana, its joint venture with De Beers. The diamond industry has not only underpinned Botswana’s fiscal stability but also facilitated its reputation as a model for resource governance on the continent. However, subdued global demand, coupled with evolving consumer markets, has placed significant strain on Botswana’s output. In the first half of 2025, Debswana’s production fell by 26% year-on-year to 9.7 million carats, underscoring the sector’s vulnerability.
By contrast, Angola’s resurgence has been fuelled by an alignment of state strategy and private sector participation. Through its state-owned firm Endiama, Angola has embraced a reform-driven approach that encourages investment, improves infrastructure, and expands exploration. In 2022, Angola’s production was valued at US$1.96 billion—less than half Botswana’s US$4.7 billion. Yet within two years, Angola has reversed this disparity, setting a revenue target of more than US$2 billion for 2025.
Industry leaders have highlighted Angola’s potential as a new frontier for diamond exploration. Speaking at the Angola International Diamond Conference in 2023, De Beers Chief Executive Al Cook described Angola as “the most prospective region for new diamond deposits.” He revealed that De Beers had identified eight high-potential kimberlite targets and would commence drilling in 2025.
The shifts in diamond output across Southern Africa highlight broader dynamics in resource-based economies. Both Botswana and Angola illustrate how resource wealth, while deeply embedded in national economies, remains exposed to global cycles of demand, investor confidence, and structural reforms. Botswana’s long-standing reputation for stability and prudent management continues to be a benchmark for African resource governance, while Angola’s emergence reflects the continent’s capacity for transformation and resilience through diversification and policy adaptation.
Rather than being interpreted as a zero-sum rivalry, the evolving landscape of Africa’s diamond sector may be understood as part of a wider continental narrative. It demonstrates how different African states are navigating commodity dependence, global market shifts, and new opportunities for reinvestment into their societies.
