Anglo American picks Global Diamond Consortium to buy 85% of De Beers

Anglo American (LON: AAL) has identified the Global Diamond Consortium, led by former De Beers chief Gareth Penny, as its preferred bidder for an 85% stake in De Beers. The consortium’s proposal includes participation from Angola and Namibia, and Botswana – which already owns 15% of De Beers – will decide whether to exercise its pre‑emptive rights or join as a partner.

The sale is significant for Botswana, which supplies about 70% of De Beers' diamonds and aims to increase its ownership stake. The transaction is expected to close in the fourth quarter of 2026, subject to Botswana’s approval and other conditions. The deal comes as De Beers faces a weak market, having recently suspended production at South Africa's largest diamond mine.