For the first time in two decades, Angola has unseated Botswana as Africa’s leading diamond producer by value — and it is now making a bold bid to secure a strategic foothold in De Beers, the linchpin of Botswana’s diamond wealth.
As Botswana weighs its options, including a possible increase in its stake in De Beers, Angola has entered the contest with determination. On September 23, the Angolan government announced that its national diamond company, ENDIAMA E.P., had submitted a fully financed bid for a strategic minority stake in De Beers, ahead of Anglo American plc’s planned divestment.
According to Bloomberg, President Duma Boko is pushing to finalise a deal granting Angola a majority stake in De Beers by the end of next month, even as negotiations continue with other prospective buyers. Botswana, meanwhile, is exploring partnerships with sovereign wealth funds — including one in Oman — to boost its stake above 50 percent, President Boko said.
“We are more than ready for the transaction, and we’ve said it must be concluded by the end of October,” Boko told Bloomberg TV in New York. “It’s a matter of economic sovereignty for Botswana.”
Anglo American Plc, which holds an 85 percent stake in De Beers, began a restructuring process 16 months ago and has been waiting to divest amid a prolonged slump in the diamond market. The sector is grappling with oversupply, changing consumer preferences, and growing competition from cheaper lab-grown alternatives.
For Botswana, the timing of Angola’s move could not be more challenging. De Beers — half-owned by the Botswana government through Debswana — has suspended auctions and scaled back sales, eroding a key revenue stream. Diamonds still account for roughly 70 percent of Botswana’s export earnings and nearly a third of government revenue.
Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Pedro Azevedo, stressed that the bid is aimed at forging a “pan-African partnership” including Botswana, Namibia, and South Africa. “Our bid is designed to foster a partnership in which no single party dominates and that the company can grow as a truly international commercial entity,” Azevedo said in Luanda.
The proposal emphasises shared ownership, independence, and industry-led growth. Angola insists De Beers’ competitiveness depends on avoiding capture by any one government while inviting African producers to lead its future.
The bid places Botswana in a delicate position. For decades, Botswana has relied on its De Beers partnership as the foundation of its economy. Now, it faces fierce competition from a rejuvenated Angola, which has repositioned itself as a serious contender in production and corporate strategy. The challenge is further compounded by the recent announcement of a major kimberlite discovery in Angola, a joint venture between De Beers Group and Endiama.
According to the latest Kimberley Process report, Angola’s diamond production value in 2024 reached USD 1.41 billion, narrowly surpassing Botswana’s USD 1.35 billion. For Angola — a country that consistently trailed Botswana since the early 2000s — this marks a historic reversal.
Botswana’s decline has been steep: production volumes fell 27.8 percent to 18.13 million carats, and export value plunged nearly 59 percent compared to 2023. Angola, by contrast, saw output rise 43.8 percent to 14.03 million carats, fuelled by reforms, new investment, and the opening of a world-class mine — the first of its kind globally in the past 15 years. Although the value of its stones dipped slightly year-on-year, Angola still surged ahead to claim the continent’s top spot.
