Swiss luxury goods group Richemont, controlled by South African billionaire Johann Rupert, is reportedly in talks to join a consortium seeking to acquire diamond mining giant De Beers in a deal valued at about $1 billion.
The proposed investment would give Richemont, owner of luxury jewellery brands Cartier and Van Cleef & Arpels, greater control over its diamond supply chain. The industry is facing falling prices and growing competition from laboratory-grown diamonds.
According to Reuters on Thursday, October 15, 2026, Richemont is considering joining the Global Diamond Consortium. The group is led by former De Beers Chief Executive Officer Gareth Penny and is bidding for Anglo American’s 85 per cent stake in the diamond producer.
Richemont, valued at roughly $113 billion, held about €9 billion ($10.09 billion) in net cash at the end of June. This gives it substantial financial capacity to take part in the acquisition.
Negotiations are still ongoing, however, and there is no guarantee that Richemont will eventually join the consortium.
The proposed acquisition has drawn several international investors. Belgium-based diamond manufacturer Pluczenik has confirmed its interest in acquiring a stake.
US jewellery retailer Signet, which owns KAY Jewelers, Zales and Jared, is also reportedly in discussions to join the consortium.
The transaction remains subject to the approval of Botswana’s government, which owns 15 per cent of De Beers and holds a right of first refusal over the proposed sale.
De Beers has struggled financially amid falling natural diamond prices and stiffer competition from cheaper synthetic alternatives.
The company has posted losses since 2023. In 2025, it reported an underlying earnings before interest and taxes (EBIT) loss of $787 million on revenue of nearly $3.5 billion.
Anglo American first announced plans to divest its De Beers stake in 2024 as part of a wider restructuring programme.
Despite these financial challenges, Richemont’s potential involvement reflects its continued commitment to natural diamonds, particularly in the premium jewellery market.
The proposed transaction follows months of negotiations involving African governments and international investors seeking ownership of De Beers. The company operates diamond mining and exploration businesses in Botswana, Namibia, Angola, South Africa and Canada.
In May 2025, De Beers was exiting the laboratory-grown diamond jewellery market after a sharp fall in synthetic diamond prices. Prices had dropped by about 90 per cent amid increased supply from China.
By June 2026, former De Beers CEO Gareth Penny had emerged as a leading contender to acquire the company, as Anglo American advanced plans to divest its diamond business.
The sale has also attracted interest from African governments seeking greater control over the continent’s mineral resources.
In September 2025, Botswana announced plans to acquire a controlling stake in De Beers. President Duma Boko described the proposed acquisition as important to the country’s economic sovereignty.
Angola also submitted a bid for a minority stake in De Beers, proposing an ownership arrangement involving Botswana, Namibia, South Africa and Angola.
