NEWS & POLITICS
Angola challenges Botswana in acquiring a majority stake in diamond giant De Beers
Angola has made a surprise move to acquire a majority stake in De Beers, intensifying competition with Botswana and reshaping the balance of power in Africa’s diamond industry.
Staff Writer 
Luanda, Angola — October 24 (Running Africa) — According to sources close to the negotiations, state-owned diamond company Endiama E.P. submitted a bid last Friday to purchase a significant portion of the $4.9 billion valuation placed on De Beers by its parent firm, Anglo American.
The unexpected bid marks a sharp shift from Angola’s earlier position. In September, Mineral Resources Minister Diamantino Azevedo stated that the government was pursuing only a minority stake as part of a pan-African collaboration. However, the new proposal signals a bolder strategy, as Angola moves to challenge Botswana’s 15% ownership and assert itself as a leading player in the global diamond market.
Photo: The Eye of Jewelry - Exterior of a De Beers retail store
Despite being De Beers’ largest diamond supplier, Botswana is pressing for greater control over the mining giant, signaling a deepening power struggle within the global diamond industry.
In July, Mining Minister Bogolo Kenewendo told Reuters that the government was pursuing full ownership of De Beers, while President Duma Boko described the move as "a matter of economic sovereignty.” Boko vowed to finalize the takeover by the end of October, reportedly engaging Oman’s sovereign wealth fund to bolster Botswana’s bid and counter mounting competition.
De Beers, owned by London-listed Anglo American, was officially placed on the market in June and has since attracted interest from at least six consortia. The company has struggled in recent years, posting a $3.5 billion impairment and a half-year net loss, as lab-grown diamonds, sluggish consumer demand, and supply-chain bottlenecks continue to undercut profits.
Photo: factsaboutbotswana.com - Aerial view of the Letlhakane Diamond Mine in Botswana
Angola’s decades-long partnership with De Beers through its state-owned mining firm Endiama E.P. has yielded major exploration successes, including the discovery of a kimberlite field, a type of volcanic rock known to host high-value diamonds.
According to the latest Kimberley Process report, Angola has now overtaken Botswana as Africa’s largest diamond producer—its first time leading the continent’s output in over 20 years. The milestone underscores Angola’s growing dominance in the global diamond sector and its strategic push to expand its stake in De Beers amid shifting market dynamics.
