A major corporate battle is taking shape in Southern Africa. Angola is bidding for a majority stake in the diamond producer De Beers.
The move sets up a potential standoff with its neighbour, Botswana. Botswana has also expressed its desire to take full control of the iconic diamond company.
The bid was reported by a source familiar with the matter to Reuters. De Beers is one of the world’s leading diamond companies. It is currently owned by the mining group Anglo American. Anglo American has put De Beers up for sale due to falling diamond prices.
The company is valued at approximately $4.9 billion. It has recorded significant financial losses over the past two years. For Botswana, De Beers is a vital national asset. The country already owns a 15% stake in the company.
Angola bids for majority stake in De Beers, source says https://t.co/qKH2BjZrte https://t.co/qKH2BjZrte
— Reuters (@Reuters) October 25, 2025More importantly, Botswana provides 70% of De Beers’ annual rough diamond production. The slump in diamond prices has severely hurt its economy, increasing its interest in gaining control.
Angola also has strong ties to De Beers. The company is jointly exploring for diamonds in Angola with the state-owned firm Endiama. In August, they announced the country’s first major kimberlite discovery in 30 years. This makes Angola a serious and motivated bidder.
Read: Botswana’s 2,488-Carat ‘Motswedi’ Diamond Ranks Among World’s Largest
Angola had previously stated it was only seeking a minority stake. Its new bid for a majority share signals a major shift in strategy. Both Angola’s mines ministry and Anglo American have declined to comment. The situation creates a complex geopolitical and economic contest for control of a global diamond leader.
