As reported by Reuters, a Botswana government official has suggested that a consortium led by former De Beers CEO Gareth Penny has been selected to purchase the diamond mining juggernaut. The potential sale of De Beers has been publicly discussed since 2024, and CEO Al Cook recently suggested that the terms of a sale could be finalised ‘within weeks’.
“Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium,” said Moeti Mohwasa, minister for state president, defence, and security.
Mohwasa suggested the sale would likely be finalised later this year and remains subject to factors, including approval from Botswana’s government. Botswana owns 15 per cent of De Beers, and the country accounts for around 70 per cent of the company's diamond production. The governments of Angola and Namibia have both also expressed interest in buying a stake in the company.
According to various media sources, the Global Diamond Consortium is led by Penny, who served as De Beers CEO for five years (2006 through 2010) and worked for Anglo American in various capacities for two decades.
More reading
Sale of De Beers could be confirmed within weeks
De Beers calls for industry unity in new consumer report
GIA acquires one-third stake in diamond tracing platform
Diamond producer slashes one-third of sightholders
The Great Diamond Debate III: Passion vs Tension