LONDON – Richemont has not decided yet whether it will join the consortium that’s looking to take a stake in De Beers, which was put up for sale by Anglo American in 2024 as part of a portfolio clear-out.
As reported, Richemont and U.S. jeweler Signet were both reported to be joining former De Beers Group chief executive officer Gareth Penny’s Global Diamond Consortium to acquire Anglo American’s 85 percent holding in the miner and jeweler.
On Friday, following Richemont’s first-half results announcement, group founder and chairman Johann Rupert did not mention De Beers by name, but said, “In terms of possible acquisitions, we haven’t made our mind up about anything. And any investment we may make in diamonds will not make any meaningful difference to our balance sheet for profit and loss.”
Richemont CEO Nicolas Bos declined to comment on questions regarding the group’s reported plans for De Beers. Signet has also declined to comment on any potential De Beers deal.
At least one buyer has come forward so far. Earlier this week, Botswana’s president Duma Boko said during his 2026 State of the Nation address that he endorsed Penny’s bid, and announced plans to double the country’s stake in De Beers Group to 30 percent, positioning itself as De Beers’ largest shareholder.
Boko said Namibia and Angola would also participate in the transaction.
“For the first time, the great diamond-producing nations of our region will sit together at the ownership table of the company that markets their diamonds, united by a shared belief that local resources should bring local prosperity,” Boko said.
Al Cook, the current CEO at De Beers Group, said he was “delighted” by Botswana’s decision to double its stake in the company. “De Beers has led the diamond industry since 1888, and we welcome owners that share both deep experience of diamonds and high ambitions for what we can achieve,” he added.
Anglo American’s decision to sell De Beers follows a broader effort to simplify its portfolio and focus on copper and premium iron ore. As reported in 2024, the company said it would divest or de-merge the diamond business to improve “strategic flexibility.”
Anglo has held a stake in De Beers since the 1920s and took full control in 2011. De Beers spans mining, marketing, and retail, and says it produces about one-third of the world’s rough diamonds by value. It is the owner of De Beers London jewelers, which has 24 stores globally.
