Richemont in advanced talks to acquire De Beers
Richemont, the Swiss luxury group valued at around $113 billion, is in advanced talks to join the Global Diamond Consortium, a group led by former De Beers CEO Gareth Penny. The consortium aims to strengthen the natural diamond trade amid declining prices and competition from lab-grown alternatives.
De Beers, valued at about $1 billion, was put up for sale in 2024 by its parent company, Anglo American, as part of a broader restructuring effort. The sale would give Richemont greater influence over a key part of its supply chain, reinforcing its position in the luxury market.
Negotiations are reportedly advanced, though Richemont has not confirmed participation. The company declined to comment, as did Anglo American. Other industry players, including Antwerp-based diamond manufacturer Pluczenik and US retailer Signet (which operates brands like KAY Jewelers, Zales, and Jared), are also in discussions about joining the consortium.
Any deal would require approval from Botswana’s government, which holds a 15% stake in De Beers and has the first right of refusal. The government has declined to comment until a transaction is finalized. Anglo American retains the remaining 85% of De Beers, which operates mining and exploration projects across Botswana, Namibia, Angola, South Africa, and Canada.
Richemont chairman Johann Rupert has repeatedly emphasized the group’s commitment to natural diamonds, positioning them as a key differentiator in high-end jewelry against cheaper lab-grown alternatives. Sources suggest a potential sale could close by the fourth quarter of 2026.
