Angola joins race for De Beers slice

Angola’s state diamond company Endiama has formally submitted a bid for a minority stake in De Beers, intensifying the scramble for influence over the world’s largest diamond producer as Anglo American (LSE: AAL) prepares to sell. 

The mineral resources ministry confirmed Wednesday that Endiama lodged a “fully financed offer.” Minister Diamantino Pedro Azevedo said the proposal aims to build a pan-African ownership model that prevents any single country from dominating De Beers while safeguarding its independence and competitiveness.

“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 and that the company can grow as a truly international commercial entity,” Azevedo said in a statement. 

The move comes same week Botswana, already a 15% shareholder, said it wanted a controlling stake in De Beers. Angola is pushing instead for a shared structure, with Botswana, Namibia, South Africa and Angola holding meaningful positions.

Angola is Africa’s leading diamond producer by value, with output last year surpassing Botswana’s production for the first time in two decades, according to the latest report by the Kimberley Process, an international certification program.

Geopolitical contest

De Beers, which has been present intermittently in Angola for decades, signed exploration agreements in 2022 later expanded to cover processing. Their collaboration yielded the first significant kimberlite discovery in the country in more than 30 years, announced last month. De Beers chief executive Al Cook at the time called Angola “one of the best places on the planet to look for diamonds.”

Angola’s bid raises the stakes in what has become a geopolitical contest for De Beers, as diamond-producing governments in southern Africa seek greater influence just as the industry faces a slump in the natural diamonds market, including competition from lab-grown stones.

De Beers has also drawn interest from at least six consortia, including billionaire Anil Agarwal, Indian firms KGK Group and Kapu Gems, and Qatari funds.