De Beers has expanded its diamond exploration programme to 16 designated areas in Angola after spending $15 million, with the mining giant eyeing a potential future mine requiring billions in capital.
Chief executive Al Cook disclosed the multi-million-dollar prospecting expenditure after meeting with Angolan President João Lourenço at the Presidential Palace in Luanda, according to Business Insider Africa. The company aims to transition from early prospecting to commercial production if drilling confirms economically viable deposits.
“We will try to develop the exploration into a diamond mine. This is a very serious investment, which could reach billions of dollars,” Cook said during his discussions in the Angolan capital.
The proposed multibillion-dollar mine remains conditional. De Beers has not yet announced a commercially viable discovery, formally approved a development project, or allocated a concrete construction budget. Cook emphasized that any future financial commitment depends entirely on the ongoing prospecting results.
Operating separately from the diamond exploration budget, De Beers is also channeling over $15 million into sustainable environmental initiatives across southern Angola. The company returned to the southern African nation in 2022 following a decade-long absence, signing mineral-investment agreements that established joint ventures with Endiama, the state-owned diamond company.
A wider memorandum of understanding followed in February 2024, involving the Angolan government, Endiama, and state diamond-marketing firm Sodiam. That partnership covers exploration, deposit evaluation, gemstone traceability, support for artisanal miners, and the international promotion of Angolan stones. De Beers reports that its current operational workforce in the country is 90 percent Angolan.
Geological prospecting bore fruit in July 2025, when De Beers and Endiama encountered kimberlite—the host rock for natural diamonds—while drilling a priority target. The company described the find as its first discovery of a new kimberlite field in more than 30 years. However, geologists stress that locating kimberlite does not guarantee diamonds exist in sufficient quantities or quality to support a profitable mine.
The accelerated exploration aligns with Angola’s growing prominence in the international rough-diamond sector. Kimberley Process data shows the country produced approximately 15.2 million carats of rough diamonds in 2025, valued at about $1.81 billion. Exports reached 17.06 million carats worth roughly $1.65 billion, a figure that can surpass annual output when including inventories drawn from previous periods.
Those figures positioned Angola as the world’s third-largest rough-diamond producer by volume in 2025, trailing only Russia and Botswana.
| Metric | 2025 Angolan Data |
|---|---|
| Rough Diamond Production | 15.2 million carats |
| Production Value | $1.81 billion |
| Diamond Exports | 17.06 million carats |
| Export Value | $1.65 billion |
| Global Volume Rank | 3rd (behind Russia and Botswana) |
This capital expansion unfolds while De Beers’ ownership structure remains in flux. London-listed Anglo American holds an 85 percent stake in the diamond producer, with the government of Botswana owning the remaining 15 percent. Anglo American initiated plans to sell its stake amid soft natural-diamond prices, cooling luxury demand in China, and rising competition from laboratory-grown stones.
Angola has expressed interest in acquiring a stake in De Beers as African producer nations seek greater control over their natural resources. No completed transaction has been announced, and exploration activities continue uninterrupted while the sale process moves forward.
