Angola has confirmed it has tabled a fully financed bid to acquire a minority stake in diamond giant De Beers, positioning itself alongside Botswana in the race to secure a slice of the company’s future as parent Anglo American plc prepares to sell off the iconic miner.

In a statement released on Tuesday, Angola’s Ministry of Mineral Resources, Petroleum and Gas said the country’s national diamond company, ENDIAMA E.P., has submitted a proposal aimed at fostering pan-African ownership of De Beers. Anglo American has indicated it expects to complete the divestment process by the end of 2025.

Angola’s Mineral Resources Minister Diamantino Pedro Azevedo stressed that the country’s bid is not designed to seek majority control but rather to ensure that De Beers remains independent and internationally competitive.

“Angola believes De Beers’ future depends on remaining a private-sector-led, global company,” Azevedo said. “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.” 

The announcement comes just weeks after Botswana revealed that it was considering increasing its stake in De Beers, where it already holds 15% alongside Anglo American’s 85%. Analysts say the entry of Angola adds a new dimension to the continent’s diamond politics, particularly as the country has recently overtaken Botswana in diamond output by value.

 Key aspects of Angola’s proposal include:

Establishing a diversified shareholder base to safeguard De Beers’ long-term growth.

Creating a pan-African ownership structure that invites Botswana, Namibia and South Africa to participate.

Building on Angola’s proven record as one of the world’s top diamond producers, including being the only country in the past 15 years to launch a world-class new mine.

Leveraging Angola’s vast kimberlite resources as part of its long-term commitment to the diamond sector.

ENDIAMA said it is prepared to work with other governments and private investors to keep De Beers operating as a competitive global enterprise.

Observers say the that Angola’s move is part of a broader strategy to project itself as a rising diamond powerhouse, with Luanda keen to diversify its resource-dependent economy. The proposed joint bid could also realign power in the global diamond industry, long dominated by Botswana’s partnership with De Beers.