Connect with us

DiamondBuzz

Angola’s ENDIAMA submits  fully financed bid for De Beers stake

Published

on

Angola’s state-owned diamond company ENDIAMA has submitted a fully financed bid to acquire a strategic minority stake in De Beers, as Anglo American prepares to exit the business by end-2025.The Angolan government stressed that the move is not aimed at majority control but at building a pan-African ownership model to secure De Beers’ independence and competitiveness. ENDIAMA said it is open to working with both governments and private investors to ensure De Beers’ continued position as a globally competitive diamond major.

Highlights of the bid:

  • Independent, diversified ownership to support long-term growth.
  • Pan-African partnership across leading producer nations.
  • Angola’s track record as one of the world’s top diamond producers and home to the only world-class mine opened in the last 15 years.
  • Strategic commitment to diamonds as a cornerstone of its economy.

The move comes the same week that Botswana, already a 15% shareholder, said it wanted a controlling stake in De Beers. Angola is pushing instead for a shared structure, with Botswana, Namibia, South Africa and Angola holding meaningful positions.

Angola is Africa’s leading diamond producer by value, with output last year surpassing Botswana’s production for the first time in two decades, according to the latest report by the Kimberley Process, an international certification program.De Beers and Angola have been partners since 2022, when they signed exploration agreements later expanded to cover processing. Their collaboration yielded the first significant kimberlite discovery in the country in more than 30 years, announced last month.De Beers chief executive Al Cook at the time called Angola “one of the best places on the planet to look for diamonds.”

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

DiamondBuzz

Botswana Looks Beyond Rough Diamond Sales, Eyes U.S. Jewelry Market

The Duty Exemption By US Presents An Opportunity For Domestic Jewelry Manufacturers In Gaborone To Bypass Traditional Middle-Market Hubs and Establish A Direct Pipeline To American Consumers

Published

on

Grappling with a painful downturn in global rough-diamond demand, Botswana is pivoting its economic strategy: expanding up the supply chain directly into American retail shelves while leveraging its resource wealth to fund conservation and diversification.

Speaking on the sidelines of New York Climate Week, Bogolo Joy Kenewendo, Botswana’s Minister of Minerals and Energy, highlighted the southern African nation’s plan to capitalize on a 0% import-tariff rate to the U.S. market. The duty exemption presents an opportunity for domestic jewelry manufacturers in Gaborone to bypass traditional middle-market hubs and establish a direct pipeline to American consumers.

shift The push into value-added manufacturing comes as the world’s top diamond producer by value navigates a broader structural Diamond revenues have long formed the bedrock of Botswana’s post-independence balance sheet, underwriting universal secondary education and tuition-free university funding. However, recent market volatility has underscored the vulnerabilities of a mono-sectoral economy.

Under the Botswana Economic Transformation Programme (BETP)—an initiative spearheaded directly by President Duma Boko and his vice president—the government is directing resources toward manufacturing, agriculture, and broader mining sectors to reduce its heavy reliance on rough diamond sales.

To support its luxury exports, Botswana is recalibrating its brand narrative around origin, environmental stewardship, and social impact. The country recently announced a five-year extension of the “Okavango Eternal” partnership alongside De Beers Group and the National Geographic Society. The initiative aims to protect the ecological integrity of the Okavango River Basin while tying diamond purchases to conservation efforts.

With De Beers currently facing an impending ownership change, officials remain optimistic that any capital restructuring could bring additional funds into Botswana to accelerate its domestic economic transition.

Continue Reading

Trending

JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x