Angola and Botswana have moved to tighten their collaboration in the diamond sector, aiming to bolster the standing of natural stones in global markets as they confront mounting pressure from laboratory-grown alternatives.
The two southern African nations, which together supply close to 30% of the world's rough diamond output by volume, reached the agreement during talks between Angolan President Joao Lourenco and Botswana President Duma Boko in Luanda on Tuesday.
Lourenco underscored the importance of the diamond trade to both economies, cautioning that laboratory-produced stones were undermining natural diamonds, largely because they sell at lower prices.
"Diamond is only diamond when it is natural. But this industry, which generates substantial revenues for our countries and contributes to their development, is being threatened by the sudden emergence of so-called synthetic diamonds, which are made in laboratories and do not come from nature," he said.
The Angolan leader said that the two countries would work together to protect and increase the value of their natural diamond production.
"We will work hand in hand to continue enhancing the value of our diamonds, since they provide jobs for our people and our young people and generate revenues that can be invested in social programs, health, education and infrastructure, so that we can develop our countries," he said.
Boko identified the manner in which diamonds are traded as a key challenge facing the sector, noting that Botswana was building what he described as a "robust marketing campaign" for diamonds originating from producer nations.
"We look forward … to working with Angola, which is also a major diamond producer, and ensuring that this product continues to empower and sustain our economies and support people's lives," he said.
The two leaders also addressed the future of De Beers.
Botswana already holds 15% of the company, and Angola has reiterated its desire to secure a stake in the loss-making miner.
"Since Angola and Botswana are the two largest diamond producers on the continent, and there are not that many diamond producers in the world, I think it is fair that we should also become shareholders in De Beers," Lourenco said.
Anglo American placed De Beers on the market in 2024 as part of its portfolio overhaul and indicated in July that the disposal was moving forward.
Boko described the De Beers talks as protracted and said the specifics remained under wraps.
"When the time is right, when the agreement has been reached, we will make the appropriate announcements. For now, it is enough to say that Angola has been involved," he said.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
