The signing of the Luanda Accord by Namibia on February 9, 2026, marks a pivotal moment for the natural diamond industry. Joining Angola, Botswana, and the DRC, Namibia has committed to a collective fund—historically aimed at 1% of rough export revenues—to fuel global “generic marketing” through the Natural Diamond Council (NDC).
However, for many attendees at the 11:00 AM session, a glaring contradiction remained: If natural diamonds are such a secure investment, why is the industry’s most iconic giant, De Beers, currently on the auction block?
The Elephant in the Room: De Beers’ Exit
The skepticism is well-founded. While producing nations pledge millions to save the “natural” brand, Anglo American is actively divesting from De Beers. This isn’t just a corporate reshuffle; it’s a strategic retreat.
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Losses & Writedowns: De Beers’ value has plummeted from an estimated $8 billion to roughly $5 billion following consecutive writedowns in 2024 and 2025.
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Strategic Shift: Anglo American is pivoting toward “future-facing” metals like copper and iron ore, essential for the green energy transition, effectively deciding that the diamond market’s volatility no longer fits a diversified mining portfolio.
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The “Origins” Failure: Even De Beers’ own “Origins” strategy, launched in 2024 to reinvigorate natural diamond demand, could not prevent a 23% revenue decline in 2024.
Why Namibia and Others are Still “In”
If the smart money (Anglo American) is leaving, why is Namibia entering? For these nations, the Luanda Accord isn’t just a marketing plan; it’s economic survival.
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Sovereign Necessity: Unlike a private corporation, Namibia cannot simply “pivot” to copper overnight. Diamonds are a cornerstone of their national budget, funding infrastructure, healthcare, and education.
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Countering the Lab-Grown Surge: Lab-grown diamonds (LGDs) are projected to capture over 15% of the market share in 2025. The Accord’s primary goal is to “reclaim the narrative,” convincing consumers that LGDs are mass-produced “technology,” while natural stones are rare “heritage” assets.
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Managing the Void: With De Beers stepping back, the responsibility for “category marketing” (selling the idea of diamonds, not just a brand) has fallen to the producing states themselves.
A Wise Move or a Sunk Cost?
The market is currently in a state of “painful evolution”.
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The Risks: Analysts warn that concentrating state resources in a declining sector increases fiscal risk. Early reports on the Luanda Accord suggest that funding has been slow and its impact on diamond indices has been minimal, with prices hitting three-year lows late in 2025.
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The Logic: Proponents argue that the current “slump” is cyclical. By joining forces via the NDC, countries like Namibia hope to create a “bifurcated market” where natural diamonds are positioned as the ultimate luxury, separate from the falling prices of lab-grown alternatives.
The Luanda Accord represents a $100 million bet that the “magic” of a natural stone can still outshine the efficiency of a lab. Whether this investment will yield a return—or simply delay the inevitable—remains the multi-billion-dollar question for 2026.