Angola has offered to buy a minority stake in De Beers, one of the world’s largest diamond companies, in an effort to keep the century-old miner independent even as Botswana pushes for majority control.
State-owned Endiama, Angola’s national diamond company, said Wednesday it had submitted a fully financed proposal for what it described as a “strategic” stake.
The offer, according to the Ministry of Mineral Resources, Petroleum and Gas, is explicitly not a bid for majority ownership. Instead, officials say the plan is meant to promote a shared model of governance among Africa’s top diamond-producing nations.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully, ensuring that no single party dominates,” said Angola’s mineral resources minister, Diamantino Pedro Azevedo.
The announcement comes at a pivotal moment for De Beers. Parent company Anglo American Plc is divesting its 85 per cent share in the diamond producer as part of a restructuring process launched more than a year ago. The sale has drawn global interest, with multiple consortia and state-backed funds signalling their intention to bid.
De Beers, which produces most of its gems in Botswana, has long been the cornerstone of the country’s diamond economy. Botswana currently holds a 15 percent stake in the company and, according to government statements, is seeking to expand that into a controlling interest. Such a move would mark a dramatic shift in ownership dynamics and could reshape the global diamond industry.
Angola, meanwhile, has been steadily rising as a diamond powerhouse. The country overtook Botswana last year to become Africa’s top producer by value, according to the reports. Officials in Luanda say they want to leverage that momentum not only to strengthen Endiama’s role but also to ensure that De Beers remains a competitive global player, rather than becoming dominated by one shareholder.
Endiama’s offer also reflects Angola’s broader strategy of partnering with both governments and private investors to modernize its mining industry and attract foreign capital. Just last year, Omani state-backed Maaden International Investment LLC acquired Alrosa’s stake in a diamond-mining venture in Angola, underscoring the country’s increasing importance to global diamond supply chains.
De Beers, which vies with Russia’s Alrosa PJSC for the title of the world’s largest diamond producer, is navigating a difficult environment marked by falling diamond prices and shifting consumer demand. For Angola, securing a minority stake would not only signal its growing influence in the industry but also give it a voice in shaping De Beers’ future as Anglo American exits.
The sale process is ongoing, but Angola’s bid adds a new layer of complexity to the high-stakes competition for control of the most famous name in diamond.