What are banks and deal advisers saying?

Robert Wake-Walker | WWW International Diamond Consultants describes Angola’s bid as logical given its rising diamond output: “There’s no denying that the volume of diamond carat output from Angola is only increasing. It’s one of the fastest growing diamond producing countries.”
 Wake-Walker cautions, however, that the proposed structure could complicate operational alignment:
“Agreeing a business plan and management and mechanics will be a tall order.”

Peter Meeus | PME Consulting
Meeus, who has advised African governments on mineral policy, warns against turning De Beers into a wholly government-run entity: “I do not think it is wise it would for De Beers to become a government entity… It must become a dynamic company led by industry experts which can attract top talent to stimulate demand for natural diamonds.”

Diamond industry analyst Paul Zimnisky
Zimnisky points out the tension between Botswana’s ambition for control and Angola’s vision of shared ownership, seeing them as diverging paths: “Angola is basically saying we want a piece of a globally diversified De Beers that is still privately run … Botswana is saying we want a controlling stake …”

Diamantino Pedro Azevedo (Angola’s Minister of Mineral Resources, Petroleum and Gas: “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.” 

Botswana President Duma Boko:
“We have communicated our firm intention, to increase our stake in De Beers to a controlling stake. … We want to have effective control of the industry.”

De Beers CEO Al Cook:
“Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence. It is a powerful reminder of what can be achieved through partnership.”

From exploration partner to shareholder

Endiama’s proposal does not aim for majority control but instead signals a strategic move toward greater participation in a company that has historically shaped the diamond industry. “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,” says Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources, Petroleum and Gas. Currently, Botswana owns 15% of De Beers. The rest is held by Anglo American, which has been exploring options including sale, initial public offering, or other forms of divestment.

A confluence of opportunity and reform

Endiama’s move comes at a time when De Beers is under pressure from shifting global demand for natural diamonds (amid competition from lab-grown stones), changing investor expectations, and Anglo American’s own reshaping of its portfolio. For Angola, the timing aligns with a reformed regulatory climate and renewed promise in its diamond fields.

When De Beers returned to Angola in 2022 after a decade-long absence, it signed mineral investment contracts with the government and Endiama, under which Endiama initially holds about 10% in new joint ventures, with potential to increase its equity over time.

De Beers CEO Al Cook has repeatedly expressed optimism about Angola’s prospects. After the latest discovery of a new kimberlite field, De Beers’ first such find in more than 30 years, in partnership with Endiama, Cook said: Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence.” He has also praised Angolan leadership, commending President João Lourenço and his government for reforms aimed at increasing transparency, adopting international best practices, and creating a business-friendly environment.

Angola does not appear to be seeking outright control of De Beers, at least for now. The government’s approach is one of shared ownership rather than dominance. Azevedo has emphasised that De Beers “should continue to be a privately owned firm,” even as Angola seeks a more meaningful share.

For Botswana, which already holds 15%, the ambition is starker. President Duma Boko has publicly declared that Botswana seeks a controlling stake in De Beers. This raises interesting questions about how a potential pan-African ownership structure could be designed.

Implications

If Endiama succeeds in its bid, Angola will shift from being a partner in exploration and processing to having a say in strategy, output, policy, marketing, and diamond pricing, all critical levers in the global diamond ecosystem. It could also strengthen Angola’s efforts in value addition: processing, cutting, polishing, and moving beyond raw extraction. 

De Beers’ recent agreements in Angola include contracts aimed at developing local processing capacity, increasing transparency in sorting, and ensuring that more of the value chain stays “above ground” in Angola. 
For De Beers and Anglo American, the offer from Endiama adds pressure but also opens avenues for negotiation. A “fully financed offer” suggests Angola is serious and capable.

Potential stumbling blocks

Yet there are challenges. Valuation is one. De Beers’ book value has reportedly been revised down in recent months, in part due to weakening demand and competition from lab-grown diamonds. Legal, regulatory, and governance structures will also need alignment. In previous joint ventures, Endiama’s equity started small (around 10%) with potential for incremental growth. Moving to a larger stake in the parent company requires different negotiation levers.

Angola will have to balance its ambitions with those of its regional peers, notably Botswana, Namibia, South Africa, who are also deeply invested in De Beers, either through operations or ownership. Aligning goals among those states, and among private actors and investors, will be key. 

Endiama’s attempt to acquire an increased stake in De Beers reflects more than just ownership. It is part of a broader drive by African diamond countries to assert greater control over their resources, promote value addition, and ensure that the proceeds from mining deliver benefit to local economies. Whether this bid succeeds will depend on negotiation, valuation, and whether there is room for a pan-African model of ownership that satisfies multiple stakeholders.