De Beers CEO Says Sale Could Be Finalized Within Weeks as Global Diamond Giants Compete for Anglo American Stake
The sale of De Beers, the diamond unit of Anglo American, is closer than ever to completion, according to Chief Executive Officer Al Cook, who said a deal could be concluded within weeks.
Anglo American placed De Beers one of the world’s leading diamond companies with operations and exploration assets across Botswana, Namibia, Angola, South Africa, and Canada up for sale in May 2024 as part of a broader restructuring strategy.
The move comes amid sustained pressure on diamond prices and the rapid rise of synthetic alternatives in the global market.
“Closer Than Ever” to a Deal
Speaking at the Reuters NEXT Europe conference in London, Cook expressed confidence that negotiations were reaching their final stages.
“I’m hopeful that it’ll happen in weeks rather than months going forward. It’s been a two-year period, and there’s been a lot of negotiation. They’re now maturing. We’ve never been closer than we are to a sale,” he said.
Strong Interest from Diamond-Producing Nations and Investors
The De Beers unit has attracted significant interest from governments and investment groups, particularly from Botswana, Namibia, and Angola countries with long-standing ties to the diamond industry.
Botswana already holds a 15% stake in De Beers and is part of consortium efforts competing for Anglo American’s 85% holding.
These governments are reportedly partnering with private investors to form bidding consortia, reflecting a broader push toward public-private ownership models in strategic mineral assets.
Cook welcomed the interest from experienced industry stakeholders.
“We’ve had countries that really understand diamonds, and consortia and companies that know the sector well.
That gives us all the ingredients for a strong public-private partnership. But as with all deals, we still need to get it over the line,” he said.
Competitive Bidding Landscape Narrows
According to sources familiar with the process, two consortia remain in contention for De Beers, down from six bidders in 2025.
These groups reportedly include representatives from diamond-producing governments, former De Beers CEO Gareth Penny now chair of asset manager Ninety One a Qatari investment fund, and Israeli businessman Nir Livnat.
Structural Shifts in the Global Diamond Market
Cook noted that global diamond demand has declined for three consecutive years, although there has been a recent stabilization. He attributed earlier weakness partly to declining marriage rates in China, which have reduced demand for engagement rings, a key driver of diamond sales.
At the same time, global supply is expected to contract further, with several mines in South Africa, Lesotho, and Canada projected to close by the end of 2027.
“The whole industry has only made one commercial diamond discovery in the 21st century,” Cook said. “Overall, we expect demand to contract over time, and diamonds will become rarer.”
Market Polarization and Strategic Supply Cuts
Cook also highlighted De Beers’ strategy of reducing supply to align with market conditions. He described a “K-shaped” recovery in the diamond industry, where demand is increasingly concentrated in higher-quality stones, while lower-grade diamonds continue to experience weak pricing.
This divergence, he said, reflects broader structural changes in the global luxury goods market and reinforces the importance of managing supply discipline in a shifting industry landscape.
