Anglo American pushes $1 bn sale of De Beers to Global Diamond Consortium

Anglo American announced it is advancing the sale of its 85% stake in De Beers, valued at roughly US$1 billion. The preferred bidder is the Global Diamond Consortium, a group led by former De Beers chief executive Gareth Penny and backed by Namibia, Angola and major diamond traders. The deal would involve an upfront payment of about US$750 million, a second tranche of US$250 million, and additional performance‑based payments after completion. Anglo American has taken three impairment charges on De Beers in recent years, lowering its carrying value to US$2.3 billion, as the global diamond market faces weak demand, competition from synthetic diamonds and reduced Chinese luxury spending. The sale is part of Anglo’s broader portfolio‑optimisation strategy, which focuses on copper, premium iron ore and crop nutrients ahead of its planned merger with Teck.

The transaction reflects a significant shift in the diamond industry, where De Beers, once a near‑monopoly, is being sold for a fraction of its historic valuation.