• De Beers discovers new kimberlite field in Angola

• First major find in over 30 years for company

• Further drilling, analysis planned to assess diamond potential
  

Diamond corporation De Beers announced Tuesday the discovery of a new kimberlite field in Angola, the company's first such find in over three decades.

The discovery, located in a region where the company resumed exploration three years ago, marks a significant milestone for the diamond industry. Kimberlite is the rock formation known for containing diamonds.

De Beers signed an agreement with the Angolan government in 2022 to resume exploration in the country, nearly 10 years after its last prospecting activities. Since then, the company has conducted airborne surveys that identified several drilling targets. The new kimberlite field was found during the first round of drilling on those priority targets.

Further work is planned in the coming months, including geophysical surveys, additional drilling, and laboratory analysis, to confirm the type of kimberlite and its potential for diamonds.

This discovery is a positive sign for Angola's diamond industry, as the country seeks to increase its revenue from the sector. Endiama, the Angolan national diamond company and De Beers' partner in the discovery, is targeting revenues of over $2 billion in 2025. Al Cook, CEO of the South African-based De Beers Group, has even called Angola "one of the best places on the planet to search for diamonds."

However, both Angola and De Beers face a common challenge: a decline in diamond demand and prices. With the future of the sector uncertain and growing consumer interest in synthetic diamonds, it remains to be seen if De Beers will commit the necessary funds to continue exploration and eventually develop the new deposits.

The discovery comes as De Beers is also preparing for a separation from its parent company, Anglo American, which announced in May 2024 that it plans to spin off the diamond entity. According to Reuters, several investors are in the running to acquire De Beers, including Indian billionaire Anil Agarwal, Indian companies KGK Group and Kapu Gems, and Qatari funds. Botswana, which holds a 15% stake in De Beers and supplies 70% of its diamonds, is also reportedly considering taking control of the company.

Emiliano Tossou