The sale of De Beers by parent company Anglo American could be finalised within weeks, according to chief executive Al Cook, following a process that has been ongoing since 2024.
Speaking at the Reuters NEXT Europe conference in London, Cook said negotiations had progressed and that interested parties were working towards concluding a transaction for Anglo American’s 85% stake in the diamond miner.
“It’s been a two-year period. There’s been a lot of negotiations. They’re now maturing. We’ve never been closer than we are to a sale,” said Cook. “I’m hopeful that it’ll happen in weeks rather than months going forward.”
Bidding Process Narrows
Anglo American announced plans to divest De Beers in May 2024 as part of a wider restructuring programme. The move came amid sustained weakness in the natural diamond market and growing competition from laboratory-grown diamonds.
De Beers operates across several major diamond-producing regions, including Botswana, Namibia, Angola, South Africa and Canada.
The number of interested bidders has reportedly narrowed from six consortia in 2025 to two. The remaining groups are understood to include a combination of governments from diamond-producing nations and private investors.
Botswana, which already owns a 15% stake in De Beers, has been linked to one of the bidding groups, alongside reported interest from Namibia and Angola. Other parties associated with the remaining consortia include former De Beers chief executive Gareth Penny, now chairman of investment manager Ninety One, a Qatari investment fund and Israeli businessman Nir Livnat.
Commenting on the potential future ownership structure, Cook said: “I think what’s good for us is we’ve had countries that really understand diamonds. We’ve had consortia and companies that know a lot about diamonds wanting to take stakes.”
He added: “We’ve got all the ingredients for a really powerful public-private partnership. But as with all deals, we need to get it over the line.”
Market Remains Divided
Cook also highlighted the contrasting performance of different segments of the diamond market.
According to De Beers, global diamond demand declined for three consecutive years before showing signs of improvement more recently. The company has pointed to changing consumer behaviour in China, including a declining marriage rate, as one factor affecting demand for diamond engagement jewellery.
Against that backdrop, Cook said the industry is experiencing what he described as a “K-shaped” recovery, with stronger demand for higher-quality diamonds while lower-quality goods continue to face pricing pressure.
For jewellers, the trend reflects an increasingly polarised market in which premium natural diamonds continue to attract consumer interest, while more commercial categories face competition from laboratory-grown alternatives and cautious discretionary spending.
Supply Outlook Tightens
Alongside changing demand patterns, De Beers expects global rough diamond supply to tighten over the coming years.
Cook noted that several mines in South Africa, Lesotho and Canada are expected to close by the end of 2027, while new diamond discoveries remain limited.
“The whole industry has only made one commercial diamond discovery in the 21st century,” he said. “So overall, we expect to see demand contract over time and diamonds will become rarer.”
De Beers has also been reducing the volume of rough diamonds it releases to the market as it seeks to balance supply with demand.
Declining production from existing mines, together with a limited pipeline of new discoveries, could affect the future availability of natural diamonds and remains an important issue for businesses across the supply chain.
