The move positions Angola’s state-owned diamond company, Endiama, to compete directly with several high-profile bidders — including former De Beers CEOs Gareth Penny (backed by a Qatari investment fund) and Bruce Cleaver, who is leading a separate consortium. Other interested parties reportedly include Australian mining veteran Michael O’Keeffe, Indian billionaire Anil Agarwal, and the government of Botswana, which already holds a 15% stake in De Beers.

Endiama has submitted “a concrete and well-defined proposal” and is advancing its bid, according to CEO José Manuel Ganga Júnior.  Both he and Anglo American declined to disclose further details.

Angola’s interest marks a significant escalation from last month, when it proposed forming a Pan-African consortium with Botswana, Namibia, and South Africa to jointly acquire a minority share. The country already maintains close ties with De Beers through an exploration joint venture, which recently announced the discovery of a new kimberlite field — the first in Angola in 30 years.

However, Botswana retains the first right of refusal to match any external bids, given its existing shareholder status.

Anglo American first declared its intention to divest De Beers in May 2024, as part of a broader strategy to streamline its operations and concentrate on core assets. The decision follows a prolonged downturn in the diamond sector, driven by weak consumer demand, growing competition from lab-grown diamonds, trade tariffs, and a slump in global luxury spending.