South African billionaire Johann Rupert’s luxury group Richemont is in talks to join a consortium bidding for De Beers, the diamond miner being sold by Anglo American for an estimated $1 billion.
- Richemont, owner of Cartier and Van Cleef & Arpels, is negotiating to join a major consortium bidding for De Beers as natural diamond prices fall and synthetic competition rises.
- The acquisition would give Richemont significant control over the natural diamond supply chain and strengthen its position in the luxury jewellery market.
- Other notable bidders for De Beers include Belgian diamond company Pluczenik and American retailer Signet, but Botswana, holding a 15% stake, has the right to intervene.
- De Beers has been loss-making since 2023, prompting parent company Anglo American to sell its 85% share as part of a restructuring plan.
The Swiss luxury goods group, which owns Cartier and Van Cleef & Arpels, is discussing joining the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny, to acquire Anglo American’s 85% stake in the company, according to a person familiar with the matter.
A deal would give Richemont greater influence over a key part of its jewellery supply chain as the industry tries to preserve the appeal of natural diamonds. 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 pursue the investment.
More investors join the race
Richemont is not the only industry player considering a stake in De Beers. Antwerp-based diamond manufacturer Pluczenik has confirmed it is bidding for a stake, while US jewellery retailer Signet is also in talks to join the consortium, according to Reuters.
Signet owns retail brands including KAY Jewelers, Zales and Jared and has worked with De Beers on natural diamond marketing campaigns.
Any transaction will also depend on Botswana, which owns the remaining 15% of De Beers and has a first right of refusal. The government has not yet disclosed whether it intends to exercise that option.
Anglo American put De Beers up for sale in 2024 as part of a wider restructuring. The miner, which operates across Botswana, Namibia, Angola, South Africa and Canada, has been loss-making since 2023. It reported an underlying earnings loss of $787 million in 2025 on revenue of nearly $3.5 billion.
The proposed $1 billion sale marks a dramatic decline for a company that once dominated the global diamond trade. De Beers was valued at more than $18 billion in 2001, when Anglo American and the Oppenheimer family took it private. Its fortunes have since weakened as cheaper lab-grown diamonds gain ground and demand for natural stones comes under pressure.
Natural diamonds face a defining test
Rupert has backed the use of natural diamonds in high-end jewellery, even as synthetic alternatives gain ground. Richemont’s potential investment would follow other luxury jewellers into mining, including British brand Graff, which owns a 14.9% stake in Gem Diamonds, the owner of Lesotho’s Letseng mine.
Whether De Beers can recover depends partly on demand for mined diamonds. Some industry executives see the sale as a chance to acquire a historic business at a market low. In contrast, others warn that weaker demand could reflect a structural shift rather than a temporary downturn.
De Beers chief executive Al Cook has said the company is reducing supply, betting that greater scarcity will support prices for higher-quality natural diamonds, even as lower-quality stones remain under pressure.