What's Happening?
De Beers, in collaboration with Angola's national diamond company Endiama, has discovered a new kimberlite field in Angola, marking the first such find for De Beers in over 30 years. The discovery was made during the initial drill into a high-priority cluster of targets identified from airborne surveys conducted in March 2025. The exploration team successfully intersected kimberlite in July, and further drilling, ground geophysical surveys, and laboratory analysis are planned to evaluate the field's potential for diamonds. This discovery follows mineral investment contracts signed by De Beers and the Angolan Government in April 2022 and a memorandum of understanding signed in February 2024.
Why It's Important?
The discovery of a new kimberlite field in Angola is a significant development for the country's diamond industry, potentially boosting its economic prospects. Angola is considered one of the best places globally to search for diamonds, and this find reinforces confidence in its diamond potential. The partnership between De Beers and the Angolan Government highlights the importance of international collaboration in enhancing transparency and adopting best practices. The discovery could lead to increased diamond production, benefiting Angola's economy and providing new opportunities for investment and development in the region.
What's Next?
De Beers and Endiama will continue their exploration efforts in Angola, focusing on further drilling and analysis to determine the kimberlite field's diamond potential. The Angolan Government's intention to acquire a controlling stake in De Beers could introduce new dynamics into the diamond producer's sale process by its current owner, Anglo American. This move may impact the strategic direction of De Beers and its operations in Angola, potentially influencing the global diamond market.
