The Portuguese discovers the gold and diamonds in South Africa (1488+)

Dias in 1488 came to South Africa.

Let's imagine he had a bigger following and somehow stumbled across the gold deposits in Transvaal and the diamonds in Kimberley?

Now what?

It is a bit of an inspiration from the Spanish gold discovery in California.

Ivan
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First guess is that Columbas would be sailing on behalf of the Portuguese king, not the Spanish.

I would also think that Portugal would not sink into Spanish hands so quickly a century later, as all the Kings of Europe would want to get their hands on the funds availbale from Kimberly AND Mexico.

Also major reprecussions for the British Empire in 1800's as no Rhodes etc.
 
The stuff isn't right on the coast. It would have taken at least a generation from the initial settlement to reach it.
 
The Portuguese knew about the gold and diamonds in southern Africa. It just happened to be deep in the heart of the Mutapa, who were quite adamant, and quite good, at holding back Portuguese encroachment.
 
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