Namibia is taking a cautious approach to joining a potential consortium with Angola to acquire a stake in diamond giant De Beers, citing concerns over declining demand and the growing presence of lab-grown diamonds.
Deputy Prime Minister and Minister of Industries, Mines and Energy Natangwe Ithete emphasized that the government will carefully evaluate the opportunity. “The diamond industry is going down… this is something we need to study very carefully, to determine whether it is worth pursuing or not,” he told local media outlet Mining and Energy.
Angola recently submitted a bid for a minority stake in De Beers but has not yet formally approached Namibia. Ithete clarified that the delay is not indicative of any tension, noting Namibia’s strong collaboration with Angola. Meanwhile, Botswana, which already holds a 15% stake in De Beers, has expressed interest in acquiring a controlling share. Other potential buyers include Indian diamond houses, billionaire Anil Agarwal, and Qatari investment funds.
Namibia has a long-standing partnership with De Beers through Namdeb Holdings, a 50:50 joint venture managing land-based mining, and Debmarine Namibia, responsible for marine diamond operations. Namdeb produced 2.2 million carats of rough diamonds in 2024, representing 9% of De Beers’ total output. The partnership, governed by a 2021 agreement, extends operations through 2042.
De Beers, 85% owned by Anglo American, was put up for sale in May 2024 following a £39 billion ($49 billion) takeover attempt by BHP. The company has since restructured, divesting non-core assets, and is exploring a merger with Canada’s Teck Resources to expand its copper portfolio. Anglo American currently values De Beers at around $4.9 billion, although recent industry pressures and $3.5 billion in impairments could affect final offers.
