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Namibia, the world’s eighth-largest diamond producer, is exercising caution regarding the potential acquisition of a stake in De Beers, even as other African nations move to consolidate control over the iconic mining company.
The move comes as De Beers’ parent company, Anglo American, seeks to divest its loss-making diamond arm by year-end to focus on more profitable assets, notably copper. Anglo American recently agreed to a merger of equals with Canadian miner Teck Resources to form Anglo Teck, aiming to become a top-five global copper producer.
Namibia currently operates a 50/50 partnership with De Beers through Namdeb Holdings, which produced approximately 2.2 million carats of rough diamonds in 2024.
However, the country is hesitant to join a pan-African consortium, which already includes active bids from Botswana and Angola, to acquire a share of De Beers.
Deputy Prime Minister and Minister of Industries, Mines, and Energy, Natangwe Ithete, expressed reservations, citing market pressures.
“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 this publication.
Neighboring Botswana, which already holds a 15% stake in De Beers, is seeking to secure a majority stake. Meanwhile, Angola has submitted a “fully financed” offer for a minority stake and is actively encouraging Namibia and South Africa to join the continental bid.
Namibia’s deliberation underscores the complex risk assessment required by diamond-dependent economies as the traditional industry faces disruption from synthetic diamonds and changing corporate priorities. The decision will be pivotal for Namibia’s long-term strategy in the diamond sector.
