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In a dramatic escalation of the global scramble for control of De Beers, Angola’s state-owned diamond company, Endiama, has submitted a formal bid for Anglo American’s majority stake in the legendary producer. This move represents a significant shift from Endiama’s earlier interest, which centered on acquiring only a minority share.
José Manuel Ganga Júnior, Endiama’s chief executive officer, confirmed to Bloomberg News that the company presented a “concrete and well-defined proposal” to Anglo American and is actively pursuing “subsequent actions.”
The high-stakes contest for the world’s largest diamond producer now pits Angola directly against its neighbor, Botswana, which already holds a 15% stake in De Beers. Botswana has the critical right to match any external offer and has framed its potential counter-bid as a matter of “economic sovereignty,” underscoring the vital role diamond revenue plays in its national economy.
A New Dynamic in African Diamond Production
Angola’s aggressive pursuit comes on the heels of a major milestone: the nation recently surpassed Botswana as Africa’s leading diamond producer by value. According to the Kimberley Process, an international certification body, Angola’s 2024 output topped its neighbor’s for the first time in two decades.
Ganga Júnior emphasized that Endiama aims to harness De Beers’ technological prowess and extensive global marketing infrastructure. “These are factors that, if we’re part of De Beers, will automatically allow us to take bigger leaps forward,” he stated.
The deepening partnership between De Beers and Angola has been notable since 2022, when they signed exploration agreements later expanded to include processing. This cooperation recently yielded a significant result: the announcement in August of the first major kimberlite discovery in Angola in more than three decades. At the time, De Beers chief executive Al Cook lauded Angola as “one of the best places on the planet to look for diamonds.”
Geopolitical Stakes and Competing Interests
Anglo American, which controls an 85% stake in De Beers, is divesting the business as part of a major restructuring plan initiated 17 months ago. The sale has attracted a diverse field of bidders, including investor groups led by former De Beers executives Gareth Penny and Bruce Cleaver.
Angola’s bold entrance into the fray adds a crucial geopolitical dimension to the auction. It reflects a growing trend among diamond-rich nations in Southern Africa to assert greater control over their natural resources, a push that is intensified by mounting competition from the lab-grown diamond market.
Beyond the African contenders, De Beers has garnered interest from at least six other consortia, including prominent figures like billionaire Anil Agarwal, as well as major Indian diamond houses like the KGK Group and Kapu Gems, and undisclosed Qatari investment funds.
