Richemont and Signet Eye De Beers Stake Amid Industry Shake-up

Swiss luxury group Richemont and US retailer Signet Jewelers are in talks to join the bid for Anglo American’s De Beers stake.

The bidding vehicle is known as the Global Diamond Consortium. Former De Beers chief executive Gareth Penny leads the group. Anglo American named this consortium its preferred bidder in July.

The deal under negotiation is valued at approximately $1 billion. The consortium is bidding for Anglo American's 85% stake in De Beers.

In 2024, Anglo American said it would sell its holding in De Beers as part of a wider restructuring. The miner is now combining with Teck Resources of Canada. Both firms are prioritizing copper extraction to meet rising needs from the global shift to clean energy.

Downstream players seek supply control

Both Richemont and Signet operate downstream in the diamond industry. They sell jewellery directly to consumers. Their potential involvement reflects a strategic shift toward securing supply chains. Richemont’s commitment to natural diamonds remains strong within the premium jewellery market. The proposed investment would give the Swiss group greater control over its diamond supply.

Richemont owns brands including Cartier, Van Cleef & Arpels and Vacheron Constantin. About three-quarters of the group's business comes from its jewellery division. It is valued at approximately $113 billion. At the end of June, it held around €9 billion ($10.09 billion) in net cash.

Signet Jewelers owns brands including Zales, Jared and Kay. This footprint represents the mass-market downstream channel. The two retailers occupy different positions in the market. Richemont serves the luxury segment while Signet targets the broader consumer base.

Bloomberg reported that Richemont and Signet are considering minority stakes in the consortium. They are not leading the buyout. Negotiations remain ongoing. There is no guarantee that Richemont will eventually join the consortium.

De Beers faces financial headwinds

De Beers has posted losses since 2023. For 2025, the unit showed an EBIT deficit of $787 million, based on underlying earnings before interest and taxes. Sales totaled almost $3.5 billion in that timeframe.

Falling diamond prices are pressuring De Beers as this deal is proposed. Chinese demand has softened while rivals selling lab-created stones gain ground.

De Beers said it will halt output at the Venetia mine in Limpopo for two years to cut costs. This site is the largest diamond mine in South Africa and has roughly 4,400 workers. Earlier this year, the company also stopped the Tuzo Phase 3 expansion at its Gahcho Kué mine in Canada.

African nations hold key stakes

The group involves Namibia and Angola. Botswana is negotiating to raise its share in De Beers to roughly 25 percent. Angola offered to buy a minority interest. Its proposal included an ownership structure with Botswana, Namibia, South Africa and Angola.

The involvement of these African nations highlights the geopolitical dimension of the deal. Producer states are seeking to maintain influence over the resource.

1. 2024Divestment announced

   Anglo American announces plans to sell its De Beers stake.

2. JulyPreferred bidder

   Global Diamond Consortium named preferred bidder by Anglo American.

3. 15 October 2026New talks

   Reports emerge of Richemont and Signet joining the bid.

It remains unclear whether Richemont and Signet will finalize their participation in the consortium. The exact percentage of minority stakes each company intends to acquire is not known. How the final ownership structure will balance interests between African governments and private investors is also uncertain.