De Beers Expands Angola Exploration as Ownership Talks Advance
As Anglo American seeks to divest its stake in the diamond giant, De Beers is advancing its largest global exploration program in Angola while luxury group Richemont weighs a potential consortium bid.
De Beers has invested $15 million in diamond exploration across 16 areas in Angola, establishing the country as the location of its largest active global exploration program. Chief Executive Al Cook disclosed the expenditure after meeting with Angolan President João Lourenço at the Presidential Palace in Luanda, noting that a successful prospecting phase could eventually pave the way for a multibillion-dollar mine.
Company executives emphasized that the proposed heavy investment remains conditional on finding commercially viable deposits. The exploration push follows De Beers' return to Angola in 2002 after a decade-long absence, which was facilitated by mineral-investment contracts signed with the government and state-owned diamond company Endiama. In July 2025, the partnership achieved a significant geological breakthrough by encountering kimberlite—the rock formation where diamonds are found—while drilling a priority target, marking the company's first new kimberlite field discovery in over thirty years.
Further laboratory analysis and drilling are necessary to determine the economic value of the recent find. Meanwhile, Angola has continued to solidify its standing as a major global player in the natural-diamond sector. According to Kimberley Process data, the country produced roughly 15.2 million carats of rough diamonds valued at about $1.81 billion in 2025, ranking it as the world's third-largest rough-diamond producer by volume behind Russia and Botswana.
The exploration expansion unfolds while the ownership structure of De Beers undergoes a broader review. London-listed Anglo American, which currently owns an 85% stake in the diamond company alongside the government of Botswana with the remaining 15%, has been seeking to sell its share. The restructuring effort comes in response to weak natural-diamond prices, softer luxury demand in China, and mounting competition from laboratory-grown stones.
Amid the ongoing sales process, luxury conglomerate Richemont is reportedly considering a role in a consortium bid for De Beers. According to a Reuters report, the Cartier owner has been discussing membership in a Global Diamond Consortium led by former De Beers chief executive Gareth Penny. A stake would grant Richemont tighter supply-chain integration for its high-end jewelry brands, including Cartier and Van Cleef & Arpels.
RBC analysts noted that any potential participation would primarily serve a long-term strategic purpose for natural-diamond positioning rather than operating as an immediate financial event. However, analysts pointed out that the acquisition would expose Richemont to a mining sector facing persistent price headwinds and significant operating losses during the previous fiscal year. Both the final terms of the consortium bid and the outcome of De Beers' prospecting efforts in Angola remain undetermined as negotiations continue.