De Beers sale negotiations involve Richemont and Botswana stake increase

Negotiations are advancing regarding the sale of De Beers as Anglo American seeks to divest its 85% stake as part of a broader corporate restructuring. The Global Diamond Consortium, led by former De Beers CEO Gareth Penny, has been selected as the preferred bidder to acquire the mining company.

A central component of the discussions involves the ownership structure for African producer nations. Proposals suggest increasing the Botswana government’s shareholding from 15% to approximately 25%. The arrangement may also include Angola and Namibia as shareholders, though the combined stake of these sovereign nations would remain below 50% to ensure private investors retain majority control.

Several major industry players are reportedly interested in the transaction. Swiss luxury group Richemont is in talks to join the consortium, which could secure its natural diamond supply chain. Other potential participants include U.S. retailer Signet and Antwerp-based manufacturer Pluczenik. The sale comes amid financial headwinds for De Beers, which reported an underlying operating loss of US$787 million in 2025 on revenue of nearly US$3.5 billion, driven by falling diamond prices and competition from lab-grown alternatives.