Namibia will take a cautious approach before deciding whether to join a proposed Pan-African consortium to acquire a stake in De Beers, Deputy Prime Minister and Minister of Industries, Mines and Energy Natangwe Ithete has said.
“It depends, to be honest, the diamond industry is going down. It is not a secret that the industry is under pressure and affected by the so-called lab diamonds, the synthetic diamonds. So this is something we need to study very carefully, to determine whether it is worth pursuing or not,” Ithete told Namibia Mining & Energy.
He confirmed that Angola is yet to engage the Namibian government on the matter but stressed that this was not due to any difficulties between the two countries.
“We have very good collaboration with Angola. Maybe the communication has not yet come through, or maybe it is still to come. But what I can say is that we have a very good relationship with Angola,” he said.
His comments follow Angola’s submission of a formal bid for a minority stake in De Beers, with a plan to form a Pan-African consortium of diamond-producing nations, including Botswana, Namibia and South Africa, to acquire and operate the company now being sold by Anglo American.
Angola’s Ministry of Mineral Resources confirmed on Wednesday that Endiama, the state diamond company, had lodged a “fully financed offer.” Minister Diamantino Pedro Azevedo said the proposal seeks to safeguard De Beers’ independence while ensuring balanced African participation.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully, ensuring that no single party dominates and that the company can grow as a truly international commercial entity,” Azevedo said.
The move comes in the same week that Botswana, already a 15% shareholder, announced its intention to seek a controlling stake in De Beers. Angola, however, is advocating for a shared ownership structure among the region’s leading diamond producers.
Anglo American, which owns 85% of De Beers, valued the company at US$4.9 billion in February, though banking sources suggest current market conditions may force acceptance of lower offers.
The diamond industry is facing mounting challenges, including competition from laboratory-grown stones and declining demand in key markets such as China.
Namibia already plays a central role in De Beers’ operations. The Government of the Republic of Namibia and De Beers each hold 50% shares in Namdeb Holdings (Proprietary) Limited, under which Namdeb Mining and Debmarine Namibia operate.
The two also share equal ownership in the Namibia Diamond Trading Company (NDTC).
De Beers and Angola have been partners since 2022, when they signed exploration agreements later expanded to cover processing.
Last month, the collaboration delivered Angola’s first major kimberlite discovery in more than 30 years. At the time, De Beers chief executive Al Cook described Angola as “one of the best places on the planet to look for diamonds.”
Angola also recently removed Russia’s Alrosa from its mining sector, selling the Russian company’s stake in the country’s fourth-largest diamond mine to Omani investors.
