Richemont Joins Consortium to Bid for De Beers Stake
Richemont is in talks to join a consortium bidding for Anglo American's 85% stake in the loss-making diamond miner De Beers.
Richemont, the Swiss luxury group and owner of Cartier, is in talks to join the Global Diamond Consortium to bid for Anglo American's 85% stake in De Beers. The consortium, led by former De Beers CEO Gareth Penny, is targeting the diamond miner, which is valued at approximately $1 billion.
Anglo American initiated the sale in 2024 as part of a broader restructuring. De Beers has struggled financially since 2023, reporting an underlying EBIT loss of $787 million last year. These losses are attributed to falling diamond prices and increased competition from lab-grown gems.
Other potential investors, including U.S. retailer Signet and Antwerp-based Pluczenik, are also seeking stakes in the company. The Government of Botswana owns the remaining 15% of De Beers and holds a first right of refusal regarding the sale.
