Angola is in negotiations to acquire a 20%-30% interest in De Beers, the diamond unit of Anglo American, reported Reuters, citing a senior official from Angola's mining ministry.

The discussions are part of broader talks with other African diamond-producing nations, said the publication.

De Beers is considered to be one of the leading global diamond enterprises with operations across several countries, including Botswana, South Africa, Namibia, Angola, and Canada.

It is currently up for sale by Anglo due to declining diamond prices and the increasing prevalence of synthetic diamonds.

In October 2025, Angola initially bid for a majority interest in De Beers but subsequently adjusted its goal to seek a minority holding.

Angola's National Director of Mineral Resources Paulo Tanganha was cited by Reuters at an African mining conference in Cape Town as saying: “Taking the majority stake within luxury commodities is very dangerous because it depends on the market.”

“So to de-risk that, we have to have a portion that is sustainable for our economy. And that range (is) between 20% and 30%, we are happy about that.”

The pursuit of this stake places Angola in potential competition with Botswana, which currently possesses a 15% share of De Beers and has expressed intentions to secure a majority holding.

Tanganha indicated that confidential discussions are underway involving Botswana, Angola, Namibia, and South Africa to establish a shared approach to benefiting from ownership in De Beers. However, no consensus has been achieved so far.

For Angola, the stake acquisition would be managed by its state-owned entities Endiama and Sodiam on behalf of the government.

Tanganha did not reveal specifics regarding the financial mechanisms Angola would employ to fund the acquisition but mentioned the existence of numerous funding options for the country.