Swiss luxurious items group Richemont, managed by South African billionaire Johann Rupert, is reportedly in talks to join a consortium searching for to purchase diamond mining large De Beers in a deal valued at roughly $1 billion.
The proposed funding would give Richemont, which owns luxurious jewelry manufacturers Cartier and Van Cleef & Arpels, better management over its diamond provide chain because the business faces declining costs and rising competitors from laboratory-grown diamonds.
According to Reuters on Thursday, October 15, 2026, Richemont is contemplating becoming a member of the Global Diamond Consortium, led by former De Beers Chief Executive Officer Gareth Penny, which is bidding for Anglo American’s 85% stake within the diamond producer.
African governments pursue De Beers stakes
Richemont, valued at roughly $113 billion, had round €9 billion ($10.09 billion) in internet money on the finish of June, giving it substantial monetary capability to take part within the acquisition.
However, negotiations stay ongoing, with no assure that Richemont will ultimately join the consortium.
- The proposed acquisition has attracted a number of worldwide buyers, together with Belgium-based diamond producer Pluczenik, which has confirmed its curiosity in buying a stake.
- US jewelry retailer Signet, which owns KAY Jewelers, Zales and Jared, can also be reportedly in discussions to join the consortium.
- However, the transaction stays topic to Botswana’s authorities, which owns 15% of De Beers and holds a proper of first refusal over the proposed sale.
De Beers has struggled financially amid declining pure diamond costs and elevated competitors from cheaper artificial options.
The firm has recorded losses since 2023, reporting an underlying earnings earlier than curiosity and taxes (EBIT) lack of $787 million in 2025 on income of practically $3.5 billion.
Anglo American first introduced plans to divest its De Beers stake in 2024 as a part of a broader restructuring programme.
Despite the monetary challenges, Richemont’s potential involvement displays its continued dedication to pure diamonds, notably inside the premium jewelry market.
Richemont’s monetary place helps bid
The proposed transaction follows months of negotiations involving African governments and worldwide buyers searching for possession of De Beers, which operates diamond mining and exploration companies in Botswana, Namibia, Angola, South Africa and Canada.
Similarly, Angola submitted a bid for a minority stake in De Beers, proposing an possession association involving Botswana, Namibia, South Africa and Angola.
