A sale of De Beers, the diamond unit of Anglo American, is closer than at any point in recent years and could be completed within weeks, the company’s chief executive said Tuesday, as negotiations over one of the world’s most prominent diamond producers near a critical stage.
Anglo American put De Beers, which operates across Botswana, Namibia, Angola, South Africa and Canada, up for sale in May 2024 as part of a broader restructuring strategy prompted by declining diamond prices and rising competition from synthetic alternatives.
“I’m hopeful that it’ll happen in weeks rather than months going forward,” De Beers CEO Al Cook said in an interview at the Reuters NEXT Europe conference in London. “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.”
Cook said the unit has drawn interest from multiple governments, including Botswana, which already holds a 15% stake, as well as Namibia and Angola. These governments are part of consortiums competing alongside private investors to acquire Anglo American’s remaining 85% stake, according to sources familiar with the discussions.
“I think what’s good for us is we’ve had countries that really understand diamonds,” Cook said. “We’ve had consortia and companies that know a lot about diamonds wanting to take stakes. So 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.”
Sources previously told Reuters that two consortia remain in contention, down from six in 2025. The remaining bidders 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.
Global diamond demand has declined for three consecutive years before showing recent signs of stabilization, Cook said, citing falling marriage rates in China as a key factor weighing on engagement ring purchases.
However, he added that supply constraints could tighten the market in the coming years as mines in South Africa, Lesotho and Canada are expected to close by the end of 2027.
“The whole industry has only made one commercial diamond discovery in the 21st century,” Cook said. “So overall, we expect to see demand contract over time and diamonds will become rarer.”
Cook also said De Beers has been deliberately reducing its diamond supply to the market and described a “K-shaped” recovery in the industry, where high-quality stones are seeing stronger demand while lower-grade diamonds remain under pricing pressure.
