Angola Enters Race for De Beers Stake with Pan-African Ownership Proposal
Angola’s Endiama Bids for Minority Stake in De Beers, Proposing Shared African Ownership Model
Angola’s state-owned diamond company, Endiama, has formally submitted a bid for a minority stake in De Beers, intensifying competition for control over the world’s largest diamond producer as parent company Anglo American prepares to sell.
The Ministry of Mineral Resources confirmed that Endiama lodged a “fully financed offer.” Minister Diamantino Pedro Azevedo said the proposal aims to establish a pan-African ownership model that prevents dominance by any single country while safeguarding De Beers’ independence and competitiveness.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa, and Angola all participate meaningfully — ensuring no single party dominates and allowing the company to grow as a truly international commercial entity,” Azevedo said in a statement.
The move comes shortly after Botswana, already a 15% shareholder in De Beers, expressed interest in securing a controlling stake. Angola, however, is pushing for a shared ownership structure that would give Botswana, Namibia, South Africa, and Angola significant roles.
Angola has emerged as Africa’s leading diamond producer by value, surpassing Botswana’s output in 2024 for the first time in two decades, according to the Kimberley Process, an international diamond certification scheme.
De Beers and Angola have strengthened ties since 2022, when they signed exploration agreements that later expanded into processing. The partnership recently delivered Angola’s first major kimberlite discovery in more than 30 years. De Beers’ chief executive, Al Cook, hailed Angola as “one of the best places on the planet to look for diamonds.”
Angola’s bid intensifies a growing geopolitical contest over De Beers, with diamond-producing governments in southern Africa seeking greater influence as the industry navigates challenges, including rising competition from lab-grown stones.
At the same time, De Beers has attracted interest from at least six other investor groups, including billionaire Anil Agarwal, Indian firms KGK Group and Kapu Gems, and Qatari funds.
