Key points
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Namibia weighs De Beers stake amid diamond slump.
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Synthetic diamonds cut into global demand for natural gems.
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Botswana and Angola also seek bigger roles in De Beers.
Namibia is treading carefully over whether to acquire a stake in De Beers, as global diamond prices remain weak and synthetic alternatives disrupt the market.
Deputy Prime Minister Natangwe Ithete said the government must study the industry before making a decision.
“The diamond industry is under pressure and affected by synthetic diamonds. This is something we need to study carefully,” he told financial news outlet The Brief.
Anglo American, De Beers’ parent company, announced earlier this month it was restructuring to focus on copper and iron ore.
The company put De Beers up for sale and is pursuing a merger with Canada’s Teck Resources to create a copper giant.
Competing bids and regional interests in De Beers
De Beers has drawn interest from at least six investors, according to reports. Angola’s state diamond company, Endiama, confirmed on September 24 that it had submitted a bid for a minority stake.
Angola has also suggested a broader ownership model involving South Africa, Botswana, and Namibia, where De Beers already operates.
Currently, Namibia and De Beers each own 50 percent of Namdeb Holdings, which produced 2.2 million carats of rough diamonds in 2024. That output represented about 9 percent of De Beers’ global production last year.
Neighboring Botswana, which already owns 15 percent of De Beers, has openly expressed its interest in a controlling stake.
Global diamond market pressures reshape decisions
Anglo American values De Beers at around $4.9 billion, though its worth may dip due to recent impairments and weak market demand. The company recorded $3.5 billion in write-downs over the past two years.
For Namibia, the decision comes at a time when the diamond market is shifting. The rise of lab-grown diamonds has cut into demand for natural stones, forcing governments and companies to rethink long-term strategies.
Whether Namibia joins Botswana and Angola in securing more influence in De Beers will depend on how the government weighs the risks against potential gains.
