Swiss luxury goods group Richemont, controlled by South African billionaire Johann Rupert, is reportedly in talks to join a consortium seeking to acquire diamond mining giant De Beers in a deal valued at approximately $1 billion.
The proposed investment would give Richemont, which owns luxury jewellery brands Cartier and Van Cleef & Arpels, greater control over its diamond supply chain as the industry faces declining prices and growing competition from laboratory-grown diamonds.
According to Reuters on Thursday, October 15, 2026, Richemont is considering joining the Global Diamond Consortium, led by former De Beers Chief Executive Officer Gareth Penny, which is bidding for Anglo American’s 85% stake in the diamond producer.
African governments pursue De Beers stakes
Richemont, valued at approximately $113 billion, had around €9 billion ($10.09 billion) in net cash at the end of June, giving it substantial financial capacity to participate in the acquisition.
However, negotiations remain ongoing, with no guarantee that Richemont will eventually join the consortium.
- The proposed acquisition has attracted several international investors, including Belgium-based diamond manufacturer Pluczenik, which has confirmed its interest in acquiring a stake.
- US jewellery retailer Signet, which owns KAY Jewelers, Zales and Jared, is also reportedly in discussions to join the consortium.
- However, the transaction remains subject to Botswana’s government, which owns 15% of De Beers and holds a right of first refusal over the proposed sale.
De Beers has struggled financially amid declining natural diamond prices and increased competition from cheaper synthetic alternatives.
The company has recorded losses since 2023, reporting an underlying earnings before interest and taxes (EBIT) loss of $787 million in 2025 on revenue of nearly $3.5 billion.
Anglo American first announced plans to divest its De Beers stake in 2024 as part of a broader restructuring programme.
Despite the financial challenges, Richemont’s potential involvement reflects its continued commitment to natural diamonds, particularly within the premium jewellery market.
Richemont’s financial position supports bid
The proposed transaction follows months of negotiations involving African governments and international investors seeking ownership of De Beers, which operates diamond mining and exploration businesses in Botswana, Namibia, Angola, South Africa and Canada.
- In May 2025, Nairametrics reported that De Beers was exiting the laboratory-grown diamond jewellery market following a sharp decline in synthetic diamond prices, which had fallen by approximately 90% amid increased supply from China.
- By June 2026, former De Beers CEO Gareth Penny had emerged as a leading contender to acquire the company, as Anglo American advanced plans to divest its diamond business.
- The sale has also attracted interest from African governments seeking greater control over the continent’s mineral resources.
- In September 2025, Botswana announced plans to acquire a controlling stake in De Beers, with President Duma Boko describing the proposed acquisition as important to the country’s economic sovereignty.
Similarly, Angola submitted a bid for a minority stake in De Beers, proposing an ownership arrangement involving Botswana, Namibia, South Africa and Angola.