Anglo American, the parent company of De Beers, has begun discussions with multiple banks regarding a potential initial public offering (IPO) for the diamond miner, according to a Bloomberg report.
This move is part of Anglo American’s restructuring plan, announced last year, to divest De Beers and other non-core assets in order to focus on its primary businesses.
At the same time, the company is exploring the possibility of selling De Beers outright.
“Anglo is pursuing a dual-track process to exit De Beers—seeking a buyer for the struggling business while also preparing for an IPO as a backup,” Bloomberg reported.
Since outlining its divestment strategy, Anglo American has already sold off its coal, nickel, and platinum operations, leaving De Beers as the last remaining unit awaiting a buyer.
At the Mining Indaba conference in February, Anglo American CEO Duncan Wanblad stated that De Beers is expected to exit the company by the end of 2025.
“It’s going to be fully set up as a stand-alone business to ensure it does not weigh down the company in any way,” Wanblad said.
Despite securing a new 10-year sales agreement with the government of Botswana—which owns a 15% stake in De Beers and is looking to increase its share—selling the company remains challenging.
The diamond market continues to struggle due to economic pressures and shifting consumer preferences, particularly in Hong Kong and China, where buyers are favoring gold over diamonds.
In February 2025, Anglo American wrote down De Beers’ value by $2.88 billion, setting its new valuation at $4.1 billion. This followed a $1.56 billion impairment just a year earlier.
De Beers’ 2024 financial results reflect ongoing difficulties:
- Revenue dropped 23% to $3.29 billion
- Net loss totaled $288 million
As Anglo American pushes forward with its exit strategy, the future of De Beers remains uncertain, with both a sale and an IPO on the table.
