According to reporting by Reuters, the Swiss luxury group, valued at about $USD113 billion, is discussing joining the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny.
De Beers, valued at about $USD1 billion, was put up for sale in 2024 as its parent company, Anglo American, pursued a broader restructuring amid falling diamond prices and increasing competition from lab-created diamonds.
A potential investment would give Richemont greater influence over a key part of its supply chain, as the natural diamond trade works to reinforce its position in the luxury market.
Bloomberg News reported that negotiations were advanced, although Richemont’s participation was not guaranteed. The company did not respond to requests for comment, while Anglo American declined to comment.
Other industry players are also reportedly considering involvement. Antwerp-based diamond manufacturer Pluczenik confirmed to Reuters that it was bidding for a stake, without disclosing its intended shareholding.
US jewellery retailer Signet, which operates brands including KAY Jewelers, Zales and Jared, is also reportedly in talks to join the consortium.
Any transaction would also depend on the Botswana government's position, which holds a 15 per cent stake in De Beers and has a first right of refusal. A spokesperson for Botswana’s presidency said the government would not comment until a transaction had been concluded and signed.
Anglo American owns the remaining 85 per cent of De Beers, which operates mining and exploration projects in Botswana, Namibia, Angola, South Africa and Canada.
Richemont chairman Johann Rupert has previously reaffirmed his commitment to natural diamonds in fine jewellery, as the industry continues to defend their value proposition against lower-priced lab-created diamonds. Sources have previously indicated that a deal for De Beers could be completed during the fourth quarter of 2026.
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