Angola challenges Botswana in high-stakes De Beers bid

Angola’s state diamond company Endiama has submitted a formal bid for Anglo American’s majority stake in De Beers, in a sharp shift from its earlier position of seeking only a minority share.

Endiama chief executive officer José Manuel Ganga Júnior said the company had presented a concrete and well-defined proposal to Anglo and was moving ahead with subsequent actions. The move intensifies the scramble for control of the world’s largest diamond producer, pitting Angola against neighbouring Botswana, which already owns 15% of De Beers. Botswana holds the right to match any external offer and has framed its potential bid as a matter of economic sovereignty.

Angola recently overtook Botswana as Africa’s leading diamond producer by value, with 2024 output topping its neighbour’s for the first time in 20 years, according to the Kimberley Process, an international certification body. Ganga Júnior said Endiama aims to leverage De Beers’ advanced mining technologies and global marketing systems.

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 adds a geopolitical dimension to the contest, as diamond-rich nations in southern Africa push for greater control over their natural resources amid mounting competition from lab-grown diamonds.