Botswana and Angola’s mining ministers met in Gaborone on Friday to discuss collaboration in the diamond industry, as both nations aim to assert greater control over De Beers, the diamond business owned by Anglo American.

Despite the recent drop in global diamond prices impacting its economy, Botswana views De Beers as vital to national interests. The country holds a 15% stake in the company and is responsible for about 70% of its yearly rough diamond output.

Angola first aimed to acquire a minority share in De Beers but has since put forward a bid for majority ownership, potentially triggering a bidding battle with Botswana.

At a meeting briefly accessible to the media, Botswana’s mines minister, Bogolo Joy Kenewendo, and Angola’s mining minister, Diamantino Pedro Azevedo, talked about cooperation not only in diamonds but also in energy and logistics. They had earlier held a private discussion that lasted around 40 minutes, Reuters news agency reports.

“At the top of everyone's minds this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry,” Kenewendo said.

“As some of the largest producers of diamonds by quantity and value in the world, it is only right that we meet and join hands in discussing how to get the most out of this natural resource,” she added.

In a statement, Angola’s mining ministry said the talks involved “the interest of both countries in acquiring shares in the multinational De Beers” though it offered no further specifics.

The ministers did not speak to the media, instead proceeding to another meeting with Botswana’s President Duma Boko in Gaborone.

Anglo has decided to sell De Beers, one of the globe’s top diamond producers, valued at $4.9 billion, as it shifts its focus to other core operations.