Angola makes bold move to acquire De Beers stake amid strategic shift

Angola has launched a significant bid to purchase the 85 % stake in diamond producer De Beers currently held by Anglo American plc. The Angolan state-owned gem company Endiama has submitted a proposal and is advancing talks, according to its CEO José Manuel Ganga Júnior.

Anglo American valued De Beers at approximately US$4.9 billion, after recording impairments amounting to US$3.5 billion over the past two years. Anglo American has been seeking to divest its majority share in De Beers for around 17 months.

The bid pits Angola against other interested parties—including the government of Botswana, which already owns 15 % of De Beers and retains a right to match external offers. Botswana’s president, Duma Boko, described any acquisition as a matter of “economic sovereignty.”

Angola’s interest signals a shift in strategy: previously focused on securing a minority stake and partnering with Botswana, the country now appears intent on taking a controlling position. Endiama sees value in leveraging De Beers’ mining technologies and marketing infrastructure to propel Angola’s diamond industry forward.

While details remain confidential and Anglo American has declined to comment, the potential deal marks a notable pivot for Angola’s mining policy and a high-stakes competition in southern Africa’s diamond sector.