Richemont and Signet in talks to join De Beers acquisition consortium

Luxury goods group Richemont, owner of Cartier, and US retailer Signet Jewelers are in advanced discussions to join the Global Diamond Consortium (GDC) in a bid to acquire De Beers. The consortium, led by former De Beers CEO Gareth Penny, is the preferred bidder for the diamond miner, which is being sold by its majority owner, Anglo American, as part of a corporate restructuring.

The potential acquisition is valued at approximately $1 billion. The GDC currently includes the nations of Namibia and Angola, and is reportedly in talks with Botswana to increase the latter's stake in De Beers from 15 percent to 25 percent.

The move comes as the natural diamond industry faces significant pressure from the rapid proliferation of lab-grown gems, which offer a lower-cost alternative. De Beers has faced recent financial challenges, including reported operating losses in 2025, driven by weakening consumer demand and the rise of synthetic stones. For Richemont and Signet, participation could provide greater control over their supply chains and a strategic foothold in the production and sourcing of natural diamonds.