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Angola has submitted a fully funded proposal to acquire a minority stake in De Beers, aiming to safeguard the iconic diamond miner’s independence as Botswana pursues majority control.
State-owned Endiama, Angola’s national diamond company, confirmed the offer on Wednesday, describing the move as a “strategic” investment rather than a bid for dominance.
The Ministry of Mineral Resources, Petroleum and Gas stressed that the plan is designed to foster a collaborative governance model among Africa’s leading diamond producers.
“Our proposal is intended to ensure that Botswana, Namibia, South Africa and Angola all play a meaningful role, preventing any single party from dominating De Beers,” said Mineral Resources Minister Diamantino Pedro Azevedo.
The approach comes as Anglo American Plc, De Beers’ parent company, prepares to divest its 85 per cent share in the diamond giant as part of a restructuring drive launched last year. Global interest in the sale is strong, with several consortia and state-backed funds exploring potential bids.
Botswana, which already holds a 15 per cent stake and supplies the bulk of De Beers’ diamonds, has indicated it wants a controlling interest. Such a shift would significantly alter the balance of power in the global diamond market.
Angola, now Africa’s top diamond producer by value after surpassing Botswana last year, hopes to use this opportunity to reinforce its rising status and ensure De Beers remains competitive on the world stage.
The bid aligns with Luanda’s broader strategy of modernising its mining sector and attracting international investment.
Securing a minority stake would also give Angola a voice in shaping De Beers’ future as the company faces falling diamond prices and evolving consumer demand.
The sale process continues, but Angola’s move adds fresh complexity to a high-stakes contest over one of the world’s most famous diamond brands.
