Africa is no longer just the source of the world’s wealth — it is becoming the owner of it.
Angola’s state diamond company, , plans to ramp production to 17 million carats by 2027 after a record-breaking 2024. That milestone cements as the world’s third-largest diamond producer, behind only Russia and .
But production is only part of the story.
Luanda is now reportedly considering acquiring a 20–30% strategic stake in — the historic giant that has dominated the diamond trade for over a century.
At the same time, Botswana is moving to buy an additional 15% share in the company.
Let that sink in:
Two African nations positioning to control over 30% of the world’s most iconic diamond company
Founded more than 135 years ago by British imperialist , De Beers built its fortune extracting hundreds of millions of carats across Africa — especially in South Africa, Botswana, and Namibia — generating tens of billions in revenue.
Today, the narrative is changing.
Africa is shifting from resource supplier → strategic shareholder → power broker.
If Angola and Botswana succeed, this could mark one of the most significant reversals of economic history on the continent — a move from extraction to ownership.
The era of outsiders controlling Africa’s strategic resources may be coming to an end.
The future: Africans owning African wealth.
By Mr Kofi
