De Beers makes first new kimberlite discovery in Angola in 30 Years
De Beers and its Angolan joint venture partner, state-owned diamond company Endiama, have identified a new kimberlite field the first such discovery for the diamond giant in three decades. Kimberlite, a rare volcanic rock, is the most common host of natural diamonds.
The breakthrough came in July 2025, when the first drill hole into a high-priority target cluster intersected kimberlite. De Beers said the discovery will now undergo further drilling, geophysical surveys, and laboratory testing over the coming months to determine the rock type and assess its diamond potential.
“Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence,” De Beers chief executive Al Cook said.
Exploration history
The company resumed exploration in Angola in 2022 after a decade-long absence, signing two mineral investment contracts with the government. In 2024, these agreements were expanded to include diamond processing and additional exploration work.
The find comes at a time of major change for De Beers’ parent company, Anglo American, which announced plans in 2024 to sell the diamond miner or pursue an IPO as part of a portfolio restructuring. The decision followed Anglo American’s defence against a £39 billion ($49 billion) takeover attempt by Australian rival BHP.
At least six potential buyers are reportedly interested, including commodities billionaire Anil Agarwal, Indian diamond groups KGK and Kapu Gems, Qatari investment funds, and even the government of Botswana, which is exploring the possibility of acquiring a controlling stake. The potential sale is unfolding in challenging market conditions, with diamond prices under pressure from increased competition from lab-grown stones and slower demand growth in China.
