Botswana and Angola hold talks as both seek control of De Beers
By Brian BenzaNovember 7, 20259:16 AM ESTUpdated November 7, 2025
Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in the capital Gaborone in Botswana November 24, 2015. REUTERS/Siphiwe Sibeko Purchase Licensing Rights, opens new tab
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Botswana, which owns 15% of De Beers and contributes 70% of its annual rough diamond production, considers the company a strategic national asset, despite a slump in global diamond prices that has hurt its economy.
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Angola initially sought a minority stake in De Beers but later submitted a bid for a majority stake, setting up a potential bidding war with its neighbour.
Botswana's mines minister Bogolo Joy Kenewendo and Angolan minister Diamantino Pedro Azevedo discussed collaboration in the diamond industry, as well as energy and logistics at a meeting briefly opened to reporters. Before that, they held a closed-door meeting which lasted about 40 minutes.
"At the top of everyone's minds this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry," Kenewendo said.
"As some of the largest producers of diamonds by quantity and value in the world, it is only right that we meet and join hands in discussing how to get the most out of this natural resource," she added.
Angola's mines ministry said in a statement that the two ministers discussed "the interest of both countries in acquiring shares in the multinational De Beers" but did not provide more details.
The two ministers did not take any questions as they headed to another meeting with Botswana's President Duma Boko in Gaborone.
Anglo put De Beers, one of the world's leading diamond companies, up for sale, valuing it at $4.9 billion, to focus on other parts of its business.
