Four African countries — Angola, Botswana, Namibia and South Africa — with a combined production of more than 43 million carats in 2024 are vying for stakes in De Beers, as Anglo American prepares to divest its 85% shareholding by the end of 2025.
The bids highlight Africa’s determination to secure greater control over the world’s most famous diamond company, ensuring that its wealth remains tied to the countries where the gems are mined.
Anglo American announced in May 2024 that it would divest or demerge its 85% stake in De Beers, setting a completion deadline of December 2025. After taking writedowns on the diamond unit in early 2025, Anglo accelerated the sale process in mid-2025, inviting initial bids and preparing shareholder steps for a spin-out.
By July 2025, De Beers was formally treated as “in process” for divestment, and in September 2025, the first sovereign bids emerged, including Angola’s proposal for a pan-African consortium.
Anglo is expected to shortlist binding offers in the final quarter of this year, with a final decision targeted for before the end of the year.
Angola’s state diamond company ENDIAMA E.P. has submitted a fully financed proposal for a minority stake, stressing that it does not seek majority control.
Instead, Angola has proposed a pan-African ownership structure, inviting Botswana, Namibia and South Africa to join as equal partners.
With production of approximately 10 million carats in 2024, led by the new Luele mine, Angola has rapidly emerged as one of the world’s top diamond producers. Still, it has no direct equity link to De Beers.
Its bid represents both a strategic entry and a pitch for continental solidarity.
Botswana, producing 24 million carats in 2024 through Debswana, remains the largest producer by value. Already a 15% shareholder in De Beers, it has declared its intention to increase its holding to a controlling stake. For Gaborone, diamonds account for more than a third of national revenue, making its relationship with De Beers both vital and occasionally strained.
Its bid reflects a drive to consolidate control and secure even greater independence in marketing through its own Okavango Diamond Company.
Namibia’s output, approximately 2.2 million carats in 2024, primarily comes from Debmarine Namibia, the world’s largest marine mining fleet, which De Beers jointly own.
While Namibia holds no direct equity in De Beers, its partnerships through Namdeb and Debmarine make it indispensable to the group.
Angola has formally invited Namibia into the proposed consortium, which would ensure continued alignment and protect Windhoek’s interests in downstream beneficiation.
South Africa produced about 7.4 million carats in 2024, ranking among the top five global producers.
As the birthplace of De Beers in 1888, it carries historical weight, though its industry is no longer dominant.
De Beers still operates Venetia, the country’s flagship diamond mine.
Pretoria has expressed support for an African-led solution to the Anglo divestment, viewing the process as an opportunity to reconnect South Africa with a company that originated on its soil.
Together, Angola, Botswana, Namibia and South Africa bring scale, history and strategic assets to the table. Angola contributes new kimberlite reserves, Botswana offers production and existing equity, Namibia secures marine resources, and South Africa provides heritage and political weight.
If they succeed, De Beers would, for the first time, be primarily owned by the nations that mine its diamonds — marking a profound shift in the balance of power in the global diamond trade.
