Botswana and Angola are holding bilateral discussions in Gaborone as both countries weigh potential bids for De Beers, the diamond mining company majority-owned by Anglo American, which is preparing to divest its interest in the historic firm.
On Friday morning, Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, hosted her Angolan counterpart, Diamantino Pedro Azevedo, for a closed-door meeting followed by a courtesy visit to Botswana’s President Duma Gideon Boko. While the meeting agenda was not disclosed, it comes amid reports that Angola has moved from considering a minority stake in De Beers to expressing interest in a majority share, potentially placing it in direct competition with Botswana, which currently holds a 15% stake.
Anglo American, a London-listed multinational, has announced plans to streamline its operations and focus on core sectors such as copper, iron ore, and crop nutrients. In doing so, it has placed De Beers up for sale, valuing the unit at approximately $4.9 billion. The move reflects broader shifts in commodity markets and a reduced appetite for luxury goods exposure in a volatile global economy.
Botswana, one of De Beers’ oldest partners through the Debswana joint venture, is responsible for about 70% of the group’s rough diamond output. The country has historically viewed diamonds as a foundational component of its national development strategy. Angola, meanwhile, has been implementing reforms in its diamond sector, aiming to increase transparency, diversify its extractive economy, and attract greater international investment.
It remains unclear whether either country has made a formal bid. The lack of public detail has led to widespread speculation about whether the discussions signal coordination, competition, or a more cautious exploratory dialogue. Neither government has issued an official statement on the content of the talks.
Analysts say the interest from both countries reflects a growing trend in which African governments are asserting greater control over natural resource industries, moving beyond traditional roles as producers toward expanded participation in upstream and downstream activities.
The sale of De Beers, once the dominant force in global diamond trading, would mark a symbolic moment in the company’s long history. Originally formed in the colonial era, De Beers became a byword for the diamond trade through its historical monopoly and marketing campaigns. Over the past two decades, however, its market dominance has declined amid increasing competition and shifting consumer behaviour.
For both Botswana and Angola, deeper involvement in De Beers would carry not only financial implications but also broader significance around resource governance and industrial policy. However, any potential change in ownership would be subject to regulatory scrutiny in multiple jurisdictions, including the UK, South Africa, and the producer countries.
There has been no indication of a timeline for bids or for Anglo American’s divestment process. For now, the meeting in Gaborone is being viewed as an early signal of regional positioning in what could become a key development in the global diamond industry.
