Key Points
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Endiama pursues minority stake in De Beers to gain prominence.
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Angola targets doubling diamond production as part of diversification strategy.
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A De Beers stake could significantly strengthen Endiama’s global influence.
As Luanda works to make its mark on the world stage, Angola’s state-run diamond company Endiama EP is considering buying a small stake in De Beers Group, the world’s most famous diamond company.
The plan is still in the planning stages, but it is part of Angola’s plan to grow its diamond industry beyond just making raw diamonds and into international markets. Endiama officials say the move would give the company a say in how the future of an industry that is going through big changes, like competition from lab-grown products and changing consumer tastes in Asia and the U.S.
Endiama wants to be powerful around the world through De Beers
José Ganga Júnior, the chairman of Endiama, told reporters in Luanda that the company was “actively studying opportunities” to work more closely with international partners. He didn’t say De Beers by name, but government officials who know about the talks said that the state miner is interested in taking a minority stake if Anglo American Plc, which owns 85% of De Beers, goes through with its plans to sell part of the unit.
Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum, and Gas, said, “Angola can’t just keep sending rough diamonds to other countries.” “Our goal is to add value, build global partnerships, and make Endiama a stronger player on the world stage.”
De Beers, which was founded in 1888 and was once known for its diamond monopolies, is going through its own changes right now. Investors are pushing Anglo American, the parent company, to cut costs, and analysts think that the company might sell its diamond business to focus on copper and iron ore. For Endiama, this kind of opening could be very important.
Angola’s diamond drive helps the economy become more diverse
Angola is the sixth biggest diamond producer in the world, making about 9 million carats in 2023. The government wants to more than double production to 20 million carats a year by 2033. This is part of a larger effort to move the economy away from oil, which still makes up more than 90% of export revenue.
Endiama has already worked with companies like Russia’s Alrosa PJSC and London-listed Gem Diamonds Ltd. to build new mines in the provinces of Lunda Norte and Lunda Sul. Analysts say that owning a share of De Beers would give it access to cutting-edge sorting and sales systems and open the door to high-value downstream markets.
According to a report by Mining weekly, Luanda-based economist Nuno Gomes said, “This isn’t just about ownership; it’s about power.” “Endiama wants to be known as a global diamond expert, not just a regional supplier.”
It’s not clear if talks will lead to a deal, but one thing is clear: Angola’s diamond goals go beyond its borders.
