Angola’s state-owned diamond company, Endiama, has formally submitted a bid to acquire Anglo American’s 85% stake in De Beers, intensifying a high-stakes contest for control of one of the world’s most iconic diamond producers. The move comes amid Anglo American’s broader restructuring efforts, which include divesting legacy assets to streamline its portfolio and fend off takeover pressure from mining giant BHP.
Endiama’s bid marks a significant pivot from Angola’s earlier position of seeking only a minority stake. The company now aims to take full ownership of Anglo’s stake in De Beers, with a vision to foster a pan-African partnership involving Botswana, Namibia, South Africa, and Angola. Endiama CEO José Manuel Ganga Júnior confirmed the submission of a “concrete and well-defined proposal” and said the company is advancing with “subsequent actions,” though details remain confidential.
Angola’s ambitions are backed by its recent rise as Africa’s top diamond producer by value, overtaking Botswana for the first time in two decades. This surge has been driven by new discoveries and reforms aimed at attracting foreign investment. In August, De Beers and Endiama announced Angola’s first kimberlite field discovery in over 30 years, a milestone that could reshape the country’s production outlook.
Botswana’s Countermove: Economic Sovereignty at Stake
Angola’s bid sets up a potential standoff with Botswana, which currently owns 15% of De Beers and contributes 70% of its rough diamond output. Botswana has signaled its intent to increase its stake to a controlling share, framing the move as a matter of economic sovereignty. President Duma Boko and the country’s mining ministry have emphasized that any sale of De Beers without Botswana’s support would be “difficult to achieve.”
Botswana retains the right to match any external offers, giving it a strategic advantage in the bidding process. The country is reportedly in talks with sovereign wealth funds to finance a potential acquisition, aiming to secure full control over the diamond value chain, from mining to marketing.
Anglo American’s Restructuring and De Beers’ Declining Fortunes
Anglo American’s decision to sell De Beers is part of a sweeping overhaul launched in response to a $49 billion takeover bid from BHP. The company is divesting its diamond, platinum, and coal assets to focus on high-margin commodities like copper and iron ore. CEO Duncan Wanblad has described the restructuring as “the most radical changes to Anglo American in decades.”
De Beers, once a crown jewel in Anglo’s portfolio, has seen its valuation fall sharply. Anglo currently values the company at $4.9 billion, down from a peak of $7.6 billion, after writing down $3.5 billion over the past two years. Analysts suggest the final sale price could range between $3 billion and $4 billion, depending on market conditions and deal structure.
The diamond industry itself is under pressure. De Beers reported a $189 million loss in H1 2025, with production down 23% year-on-year and average prices per carat falling to $155. The rise of lab-grown diamonds, shifting consumer preferences, and economic headwinds in key markets like China have eroded demand and profitability.
A New Era for De Beers?
Founded in 1888 by Cecil Rhodes, De Beers has long been synonymous with the global diamond trade. Under the Oppenheimer family, it once controlled the world’s diamond supply through the Central Selling Organisation, shaping prices and consumer perceptions for decades. Anglo American acquired full control in 2011, ending nearly a century of Oppenheimer involvement.
Now, as Anglo prepares to exit, the future of De Beers hangs in the balance. Whether it ends up under the control of Angola, Botswana, or a consortium of investors, the outcome will likely redefine the geopolitical and commercial landscape of the diamond industry.
