The race for the world’s most iconic diamond miner has intensified, with De Beers CEO Al Cook confirming today, Wednesday, 7 January 2026, that several African governments and private business groups are officially eyeing a stake in the company.
As parent company Anglo American moves forward with its plan to divest its 85% shareholding, a high-stakes “bidding war” is emerging between regional neighbours, former executives, and international billionaires.
CEO Al Cook revealed that interest has surged beyond traditional mining circles. The primary contenders now include a mix of sovereign states and private investment vehicles:
Already a 15% shareholder, President Duma Boko has declared the acquisition of a controlling stake a matter of “economic sovereignty.” Despite IMF warnings about over-exposure to a volatile diamond market, Botswana aims to move De Beers’ headquarters to Gaborone.
In a major strategic shift, Angola’s state-owned Endiama has submitted a “fully financed” bid for the majority stake. Angola recently overtook Botswana as Africa’s top producer by value and is proposing a “pan-African partnership” that would include Namibia and South Africa.
More so, the Namibian government has expressed interest in joining a regional consortium to ensure the company remains in African hands.
At least six private groups are in the mix, including consortia led by former De Beers CEOs Gareth Penny (reportedly backed by Qatari funds) and Bruce Cleaver, as well as Indian billionaire Anil Agarwal.
While the ownership battle rages, Al Cook emphasized that De Beers is looking toward India as its future growth engine. Saying he expects the Indian market for natural diamonds to double to 1.5 trillion rupees ($16.7 billion) by 2030.
The group opened its fifth Forevermark store in Mumbai this week, the largest De Beers store globally, with plans to expand the network to 25 outlets across India.
Cook stated that the identity of the new owner is less important than their alignment with natural diamonds.
“We are looking for partners who believe in the long-term value of the natural diamond dream and who want to grow the business as a truly international commercial entity.”-Al Cook, De Beers CEO.
The sale comes at a delicate time for the industry, which is grappling with a supply glut and fierce competition from lab-grown diamonds, which have seen prices plummet by over 20% in the last year.
