The proposed sale of De Beers is taking shape, with Angola planning to acquire a 10 per cent stake and Botswana confirming plans to double its interest in the diamond company. The moves come as Anglo American proposes to sell its controlling shareholding.

Angola’s ministry of mineral resources, petroleum, and gas confirmed the planned investment on November 12, following a meeting in the country’s capital between mineral resources minister Diamantino Azevedo and representatives of the Global Diamond Consortium (GDC), led by former De Beers CEO Gareth Penny.

According to Bloomberg News, the meeting focused on the consortium’s proposed acquisition of Anglo American’s 85 per cent stake in De Beers. The Angolan ministry did not disclose the value of the country’s planned investment or how it would be financed.

The announcement follows Botswana president Duma Boko’s statement days earlier that his country would increase its existing 15 per cent holding to 30 per cent under the proposed transaction. Botswana would become De Beers’ largest shareholder, gaining greater influence over the company’s strategic decisions.

Botswana’s support is important to the sale because the country has a right of first refusal on Anglo American’s stake, Reuters reported. Angola and Botswana would join Namibia as prospective government shareholders if the transaction closes. Namibia’s proposed stake has not been disclosed.

Other prospective consortium participants include Oman and some of De Beers’ major customers. Luxury group Richemont and jewellery retailer Signet Jewelers have also reportedly discussed joining the group.

Anglo American has been seeking to sell De Beers since 2024, amid declining diamond prices and competition from lab-grown stones. The company reduced De Beers’ carrying value to US$2.3 billion in February following three impairments in three years. Anglo has reportedly discussed a valuation of about US$1 billion, with additional payments tied to future performance.