Major diamond producers Angola and Botswana have agreed to deepen cooperation to bolster natural diamonds in international markets and counter rising competition from cheaper lab-grown alternatives.

Speaking after a meeting in Luanda, Angolan President Joao Lourenco and Botswana President Duma Boko warned that synthetic stones threaten the revenues, employment, and infrastructure development provided by natural diamond production. The two nations jointly account for nearly 30% of global rough diamond output by volume.

As part of the joint initiative, Botswana is developing a broad marketing campaign to promote natural diamonds from producer nations, aiming to better differentiate the gems for global consumers.

The leaders also addressed potential joint ownership of De Beers, which was put up for sale by parent company Anglo American. Botswana currently holds a 15% stake in the diamond miner, while Angola reaffirmed its interest in acquiring equity alongside its neighbor. Boko noted that negotiations regarding De Beers remain confidential and details will be announced once an agreement is reached.