The next diamond power player? Angola bids for stake in De Beers

Angola's Ministry of Mineral Resources, Petroleum and Gas indicated that the state diamond company Endiama has bid for a minority stake in Anglo American's diamond unit De Beers. De Beers is one of the world's leading diamond companies, with operations spanning across Botswana, Namibia, Angola, South Africa and Canada.

25 Sep 2025

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The diamond company, which has been put up for sale by Anglo amid falling diamond prices, had attracted interest from at least six consortia, according to a Reuters report in June.

Angola's proposal does not seek majority control in the Botswana-based De Beers but instead believes it should continue to be a private-sector-led firm, the ministry said.

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"Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully — ensuring that no single party dominates and that the company can grow as a truly international commercial entity," said Diamantino Pedro Azevedo, Angola's Minister of Mineral Resources, Petroleum and Gas.

Botswana, which already owns 15% in De Beers, is also seeking to take a controlling stake in the company, according to media reports.