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Angola’s state-owned diamond company, Endiama, has made a formal and detailed proposal to acquire Anglo American’s 85 percent stake in De Beers, one of the world’s most prominent diamond producers. The move places Angola in direct competition with Botswana, a long-standing De Beers partner and shareholder, as both nations seek to expand influence over the global diamond trade.
In an interview with Bloomberg, José Manuel Ganga Júnior, Endiama’s Chief Executive Officer, confirmed that the company had submitted a “concrete and well-defined proposal” for the acquisition. He emphasized that subsequent steps are already under way but declined to reveal specifics, citing the confidential nature of the negotiations.
Bloomberg noted that this bid marks a significant escalation of Angola’s ambitions to become a global diamond powerhouse. In September, Angola’s Ministry of Mines had signaled interest in securing a strategic minority stake in De Beers, envisioning a potential partnership with Botswana to strengthen regional cooperation in the diamond sector.
The sale of De Beers’ majority stake comes as Anglo American, listed on the London Stock Exchange, continues its corporate restructuring program initiated 17 months ago. Investor groups led by former De Beers executives Gareth Penny and Bruce Cleaver have already joined the bidding process since it was formally opened in June.
Ganga Júnior expressed optimism that Angola and Botswana could “reach an understanding” regarding De Beers’ ownership, though he refused to confirm whether any formal discussions had taken place. He also acknowledged that while Endiama aims to acquire the full 85 percent stake, the final ownership structure may include multiple partners, given the company’s size and complexity.
Botswana, which currently owns 15 percent of De Beers, retains the right of first refusal—allowing it to match any external bids. The country’s new president, Duma Boko, has declared Botswana’s pursuit of a majority stake as a matter of “economic sovereignty.”
For Angola, control over De Beers would offer not just prestige but strategic access to its proprietary diamond mining technology and global marketing system, both of which could accelerate Endiama’s modernization efforts. “Being part of De Beers would allow Angola to take significant steps forward in developing its diamond industry,” Ganga Júnior stated.
Recent data underscores Angola’s emerging dominance in Africa’s diamond industry. According to the Kimberley Process, Angola overtook Botswana in diamond value output last year for the first time in two decades. Oxford Economics projects that in 2025 Angola’s diamond production will reach 16.1 million carats, compared to Botswana’s 15.1 million, a lead that could widen if production disruptions persist in Botswana’s mines.
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However, analysts caution that this surge in output may not translate to substantial economic gains. Despite Angola’s diamond sales exceeding Botswana’s last year—USD1.41 billion versus USD 1.36 billion—the global market faces structural challenges, particularly the rise of lab-grown diamonds, which could dampen profits. Oxford Economics warned that “while Angola’s diamond sector is expanding, the timing for its emergence as a global diamond power could hardly be more challenging.” In sum, Angola’s bold move to acquire De Beers signals a reshaping of Africa’s diamond landscape, setting the stage for a high-stakes contest between two of the continent’s richest diamond producers—Angola and Botswana—for control over one of the industry’s most iconic names.
