A quiet but powerful tremor is shaking the global diamond industry, and this time, it is emanating from Africa itself. Reports that Angola and Botswana are in discussions to acquire or expand ownership of De Beers mark a profound turning point in the continent’s long and complex relationship with its mineral wealth. Even more encouraging, Namibia’s Cabinet has approved plans to pursue a significant stake in De Beers Namibia.
This is not mere corporate reshuffling; it is an awakening. For generations, African nations have occupied the lowest rungs of the global resource value chain. We mined and exported, while others polished and profited. Now, for the first time in decades, the balance of control in the diamond industry may begin to tilt toward the continent that produces most of the world’s gem-quality stones.
Angola deserves high praise for its proactive leadership. Through its state-owned company Endiama E.P., Angola has bid for a stake in De Beers, not just for itself, but as part of a possible African consortium involving Botswana, Namibia and South Africa. This vision is refreshing: it recognises that Africa’s resource future lies in cooperation, not competition.
Botswana’s stance is equally bold. President Duma Boko has described his nation’s intention to take a majority stake in De Beers as an act of “economic sovereignty”. For a country that earns most of its export income from diamonds, this is a logical next step, moving from extraction to ownership and governance. Botswana is showing that Africa’s minerals can serve African priorities.
Here at home, Namibia’s Government (GRN) has made the right move by signalling its intent to deepen its participation in the diamond value chain. Namibia already holds a 50:50 stake in Namdeb Holdings with De Beers, a partnership that has served the country well, contributing billions in taxes and royalties while employing thousands. But as the diamond world evolves, our ambition must evolve too.
What it could mean for Namibia
If handled wisely, increased participation could transform Namibia’s economy.
First, a higher stake would mean greater revenue retention. More profits would remain within our borders rather than being repatriated abroad, strengthening the state’s capacity to invest in infrastructure, skills development and industrialisation.
Second, it could promote real local beneficiation. For years, Namibia’s diamond story has been one of extraction rather than transformation. While some progress has been made in cutting and polishing, most of the high-value work still happens elsewhere. Greater ownership gives Namibia leverage to push for downstream industrialisation, ensuring that more Namibian hands, not just Namibian soil, create wealth from our diamonds.
Third, it could elevate Namibia’s regional influence. As Angola and Botswana assert themselves, Namibia has the opportunity to align with this new African momentum. Together, Southern African producers could wield real bargaining power, shape marketing strategies and secure fairer pricing for natural diamonds in a market increasingly dominated by synthetic alternatives.
Yet we must temper optimism with realism. The global diamond industry is changing fast. Lab-grown diamonds are disrupting markets, especially among younger consumers who value ethics and affordability. De Beers’ parent company, Anglo American, recently wrote down billions of dollars in value as demand for natural stones slumped.
Ownership may be empowering, but it also exposes us to global risk. If diamond prices fall further or the company underperforms, taxpayers could shoulder the losses.
For this reason, Namibia must be strategic, not sentimental.
- Conduct rigorous due diligence. Before increasing our stake, the government must assess the long-term outlook for natural diamonds, the impact of synthetics, and the costs of managing a global operation. This decision must rest on data, not pride.
- Negotiate from strength. Namibia’s 50% in Namdeb gives us leverage to secure better terms, not just dividends, but greater control, technology transfer, and commitments to beneficiation and skills training. Ownership without influence would be a hollow victory.
- Diversify beyond diamonds. While the industry remains vital, Namibia cannot build its future on one fading gem. Any gains from a De Beers stake should help finance diversification into renewable energy, manufacturing and logistics, so our economy stands firm even if the sparkle dims.
A moment for strategic leadership
The moves by Angola and Botswana are more than economic strategies; they are declarations of independence. They show that African nations are ready to redefine their destinies, to be owners, not mere participants, in the wealth of their soil.
Namibia must seize this moment, but with foresight and discipline. The allure of diamonds has always been matched by volatility. Our leaders must balance ambition with prudence, ensuring that any stake in De Beers strengthens our economy rather than straining it. Deals of this magnitude require technical skill, fiscal caution, and unwavering transparency.
This also calls for collaboration across the region. Imagine an African-led diamond consortium, one that can set standards for fair trade, ethical sourcing and local value-addition. Such a body could reposition Africa not just as a supplier but as a global brand in itself. Namibia’s participation in that vision would be both symbolic and strategic.
We believe that such an organisation could mark the dawn of a new era in African resource management, an era of ownership, cooperation and confidence. But we must remember: awakenings are only meaningful if they lead to wisdom.
If the GRN moves forward with clarity, patience and courage, Namibia can shine brighter, not only in the diamond world but also as a model of responsible resource governance in Africa.
Let this be the moment when we match bold ambition with sound judgement. The sparkle of our diamonds must reflect not only wealth, but also wisdom.
