African Governments and Investors Show Interest in De Beers Stake

Several African governments and business-led investment groups are exploring potential equity stakes in De Beers, as its parent company Anglo American considers reducing or exiting its ownership in the diamond producer.

Speaking to Reuters, De Beers Chief Executive Al Cook confirmed that governments in Botswana, Angola, and Namibia—all major diamond-producing nations—have expressed interest in acquiring a stake in the company. He added that a number of business-led groups are also considering involvement, although he declined to comment on the status of discussions or identify specific parties.

Anglo American currently owns 85% of De Beers and has valued the company at approximately US$4.9 billion. Previous media reports have indicated that interest has also come from international investors, including Indian diamond groups and Middle Eastern investment funds.

Cook emphasised that De Beers’ priority is not the identity of a future shareholder but alignment with the company’s long-term strategy. This includes a continued focus on natural diamonds, deepening partnerships with producer countries, and expanding in high-growth consumer markets.

India a Strategic Growth Market

De Beers is intensifying its focus on India, which Cook described as a key market for future growth. He expects demand for natural diamonds in the country to double over the coming years, with the Indian diamond market projected to reach 1.5 trillion rupees (approximately US$16.7 billion) by 2030.

The company recently opened its largest-ever Forevermark store in Mumbai—its fifth outlet in India—and plans to expand the network to 25 stores by the end of the year. Over the longer term, De Beers aims to grow its retail presence in India to more than 100 locations.

Diversification Beyond Jewellery

While jewellery demand has softened in some markets, De Beers is repositioning its business to adapt to changing consumer behaviour. The company reported a 13% decline in revenue to US$1.95 billion in the first half of 2025, partly due to lower diamond prices and reduced gifting-led purchases.

To offset this shift, De Beers is expanding its Element Six business, which generated around US$300 million in revenue last year by supplying synthetic diamond wafers used as heat conductors in data centres. The group discontinued its lab-grown diamond jewellery brand Lightbox in 2025, signalling a clearer distinction between its natural diamond strategy and industrial applications.

As Anglo American evaluates options for its stake, interest from African producer nations highlights a broader push for greater participation in downstream value chains. Any change in ownership could have significant implications for producer-country partnerships and the future structure of the global diamond industry.