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Namibia is considering joining Angola in a consortium to acquire a minority stake in diamond giant De Beers, amidst declining demand and increased competition from lab-grown diamonds. Deputy Prime Minister Natangwe Ithete stated that the government will carefully evaluate the decision before proceeding.
Angola recently submitted a bid for a stake in De Beers, but has not yet communicated with Namibia regarding a partnership. Ithete emphasized the strong collaboration between the two countries despite this delay. Meanwhile, Botswana, which currently owns 15% of De Beers, seeks a controlling stake.
De Beers, valued at approximately $4.9 billion, is being restructured after Anglo American put it up for sale in May 2024. Namdeb Holdings, a partnership between Namibia and De Beers, produced 2.2 million carats of diamonds in 2024, representing 9% of the company’s total output.
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