Angola has formally entered the race to acquire an 85% stake in diamond giant De Beers, a move that could reshape the global diamond industry and shift economic influence in southern Africa. The country’s state-owned diamond company, Endiama, confirmed it has submitted a purchase proposal to Anglo American plc, which currently controls the stake. Endiama’s CEO, José Manuel Ganga Júnior, said negotiations are advancing, describing the bid as a “strategic opportunity to secure Angola’s position in the global diamond market.” Anglo American, which has valued De Beers at about US$4.9 billion, has been seeking to divest from the diamond producer for more than 17 months, after recording US$3.5 billion in losses linked to weak market conditions and price declines.
The Angolan bid places it in direct competition with Botswana, De Beers’ only other shareholder with a 15% stake and the right of first refusal on any external offer. Botswana’s president, Duma Boko, has called the company’s future “a matter of national sovereignty,” signaling his government may match Angola’s offer to keep De Beers under regional control. For Angola, the acquisition would mark a dramatic policy shift. Once focused on joint ventures and minority stakes, Luanda is now aiming for majority ownership. Analysts say this reflects President João Lourenço’s broader push to diversify the economy, attract investment, and establish the country as a continental mining powerhouse.
De Beers, founded in 1888 and once synonymous with the global diamond trade, has faced years of declining dominance as synthetic gems and new producers challenge its market share. By acquiring the company, Angola hopes to tap into De Beers’ cutting-edge mining technology and vast marketing networks, boosting its own diamond output and international reach. Neither Anglo American nor Botswana’s government has commented publicly on Angola’s bid. However, industry insiders say a bidding war between two of Africa’s biggest diamond producers could reshape alliances and investment flows across the region. If successful, the deal would represent Angola’s largest foreign acquisition to date, and a defining moment for Africa’s control over its natural resources.
