Angola has dramatically intensified its pursuit of global diamond dominance by formally entering the race to acquire a majority stake in De Beers, the world’s largest diamond producer. This bold move places Angola in direct competition with neighboring Botswana, which already holds a 15% stake in De Beers and possesses the contractual right to match any external offer. Angola’s state-owned diamond company, Endiama, has submitted a fully financed bid to Anglo American for its 85% share in De Beers, signaling a strategic pivot from its earlier interest in a minority stake to a full-fledged takeover attempt.
Endiama’s CEO, José Manuel Ganga Júnior, described the bid as “concrete and well-defined,” underscoring Angola’s ambition to reshape the global diamond landscape and assert itself as a leading force in the industry. The timing of this bid is particularly significant, as Anglo American recently announced plans to divest from De Beers amid mounting financial pressures and a broader strategic shift toward commodities like copper and crop nutrients. De Beers, once synonymous with diamond prestige, posted a half-year loss and faces growing challenges from lab-grown alternatives, declining consumer demand, and inventory overhangs.
Botswana, for its part, views the potential acquisition as a matter of national pride and economic sovereignty. President Duma Boko has vowed to secure a controlling stake in De Beers by the end of October, reportedly engaging Oman’s sovereign wealth fund to help finance a competitive counteroffer. Botswana’s Debswana joint venture with De Beers accounts for roughly 70% of the company’s rough diamond output, making the stakes especially high for the country’s economic future and its role in the diamond supply chain.
The rivalry between Angola and Botswana is not merely financial, it reflects a deeper geopolitical contest for influence in Southern Africa’s resource-rich landscape. Angola recently surpassed Botswana in diamond production value for the first time in two decades, a symbolic milestone that adds urgency to its bid. If successful, Angola would not only gain control of a historic brand but also redefine the power dynamics of the diamond industry, potentially shifting supply chains and pricing structures worldwide.
This high-stakes bidding war is more than a corporate transaction; it is a moment of reckoning for Africa’s diamond-producing nations. Whether Angola or Botswana emerges victorious, the outcome will reverberate across global markets, reshape regional alliances, and challenge long-standing assumptions about ownership and influence in one of the world’s most glittering industries.