• Angola has made a fully funded bid to acquire a strategic stake in De Beers.

• The move aligns Luanda with Botswana, Namibia, and South Africa for a joint African partnership.

• Anglo American plans to spin off De Beers amid weak global diamond demand.

The Angolan government announced on September 24 that it has submitted a fully financed offer to acquire a strategic stake in De Beers. The bid, filed through state-owned diamond company Endiama, would give Luanda a place in the shareholder structure of the world’s leading diamond group, much like Botswana.

Botswana currently holds a 15% stake in De Beers and has stated its ambition to raise this to more than 50% by October. Angola’s move seeks to position itself alongside Botswana, Namibia, and South Africa in what officials call a “pan-African partnership with De Beers.” The financial details of Angola’s offer were not disclosed, but the government stressed that it is not seeking a controlling majority. These four countries are central to De Beers’ African mining operations.

The announcement comes as Anglo American prepares to separate from De Beers, where it currently owns 85%. The divestment could take the form of a direct sale or an initial public offering. By putting forward its bid, Angola signals its intention to join the process, at a time when several other suitors have also expressed interest.

Besides Botswana, contenders include Indian billionaire Anil Agarwal, as well as Indian firms KGK Group and Kapu Gems, according to Reuters. The outcome will depend on Anglo American’s next strategic decisions, as the company is also engaged in merger talks with Canadian miner Teck Resources.

Meanwhile, the global diamond market remains under pressure, weighed down by persistently weak demand and falling prices.