Angola has submitted a formal bid to acquire a majority stake in De Beers, the world’s leading diamond producer, through its state-owned diamond company, Endiama, according to a person familiar with the matter, as reported by Reuters.
The move positions Angola as a key contender in the race to acquire De Beers after its parent company, Anglo American, announced plans to sell the iconic diamond group valued at about $4.9 billion. The development could potentially set the stage for a corporate and geopolitical contest with Botswana, which currently holds a 15 percent stake in De Beers and contributes nearly 70 percent of its rough diamond output.
Endiama has been a longstanding partner of De Beers in exploration ventures across Angola. The company recently announced the country’s first kimberlite discovery in more than 30 years, signaling renewed optimism for its diamond sector. While earlier reports suggested Angola was eyeing a minority stake, sources now indicate the government intends to take a controlling interest.
Botswana has also expressed interest in taking full control of De Beers, calling it a strategic national asset. Analysts say the competing bids from African diamond-producing nations underscore a shifting balance in global mining power, with producer countries seeking greater control over their natural resources, Mmegi Online and Reuters reported.
