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In a move that could reshape the global diamond landscape, Angola has submitted a formal proposal to acquire the entire 85% stake held by Anglo American in the De Beers Group.
According to sources cited by Reuters and Bloomberg, Angola has raised its ambitions for control of De Beers through a proposal submitted by the state-owned company Endiama E.P., reflecting the country’s intention to take a majority stake in the diamond giant.
Just a month ago, Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources, Petroleum and Gas, had stated that the country only sought a minority stake in De Beers — as part of a pan-African alliance with Botswana, Namibia, and South Africa.
However, the latest developments indicate a clear shift in strategy. The Angolan proposal is described as “concrete and well-structured,” encompassing not only an interest in the company’s assets but also access to its exploration and marketing technologies.
The initiative places Angola on a collision course with Botswana, which already holds a 15% stake in De Beers and has expressed its own intention to take full control, viewing the company as a strategic national asset.
Meanwhile, Anglo American is pressing ahead with plans to divest its diamond business by the end of the year, in order to focus on more profitable operations such as copper and iron ore.
In 2024, Angola surpassed Botswana to become Africa’s largest diamond producer by value, a milestone that underscores Luanda’s growing influence in the global diamond industry.
