Angola has made a bold move to reshape its position in the global diamond industry by submitting a formal bid to acquire Anglo American’s 85% stake in De Beers. The offer, led by Angola’s state-owned diamond company Endiama, signals the country’s ambition to transition from a resource-rich producer to a strategic stakeholder in one of the world’s most iconic diamond firms. This development comes amid Anglo American’s broader restructuring efforts, which include divesting non-core assets following significant financial setbacks. Over the past two years, Anglo American has recorded $3.5 billion in impairments related to De Beers, prompting a reassessment of its ownership and valuation of the company, now estimated at around $4.9 billion.
Endiama’s proposal is described by its CEO, José Manuel Ganga Júnior, as concrete and well-defined, though the specifics remain confidential as negotiations unfold. Angola’s bid places it in direct competition with other interested parties, including Botswana, which already holds a 15% stake in De Beers and has expressed interest in increasing its share. Additionally, investor groups led by former De Beers executives are reportedly exploring acquisition options, intensifying the race for control of the diamond giant. Anglo American has so far declined to comment publicly on the discussions, maintaining a cautious stance as it evaluates its strategic options.
For Angola, the acquisition represents more than just a financial transaction, it is a calculated step toward economic diversification and increased global influence. By securing a majority stake in De Beers, Angola would gain access to advanced diamond marketing, distribution networks, and branding power that could elevate its domestic production and international standing. The move aligns with the country’s broader efforts to modernize its mining sector, attract foreign investment, and reduce dependence on oil revenues. It also reflects a growing confidence in Angola’s ability to manage and capitalize on its natural resources through strategic partnerships and ownership.
The outcome of this bid could significantly alter the competitive landscape of the diamond industry. If successful, Angola would not only reshape De Beers’ ownership structure but also redefine its own role in the global market, from a supplier of rough stones to a key player in the value chain. The implications for regional dynamics, particularly in southern Africa, are substantial, as countries like Botswana and Namibia closely monitor the evolving situation. Angola’s pursuit of De Beers is a high-stakes endeavor, one that underscores its determination to leverage its resource wealth for long-term economic transformation.