Richemont and Signet "Could Buy Stake in De Beers"

(IDEX Online) - Richemont and Signet Jewelers are reported to be in talks about joining the Global Diamond Consortium (GDC), the preferred bidder for De Beers.

Bloomberg News said today, October 15, that both groups were in talks with the consortium led by former De Beers chief executive Gareth Penny. None of the parties has commented.

GDC emerged in July as Anglo American's preferred bidder for De Beers, which is being sold as part of the mining group's broader restructuring.

The potential involvement of Richemont and Signet would give the consortium links to two significant markets for natural diamonds: high-end luxury jewelry and mass-market retail. Richemont owns Cartier and Van Cleef & Arpels, among other brands, while Signet operates major US retail chains including Zales, Jared and Kay.

The diamond industry has long sought greater support from luxury brands and retailers to promote natural diamonds.

Their participation in the consortium could strengthen the connection between mining, manufacturing and consumer demand, although the proposed investments would not necessarily translate into direct control over De Beers' commercial strategy.

The size of any stakes under discussion has not been disclosed. With several private investors already involved and the governments of Botswana, Namibia and Angola expected to hold significant interests, Richemont and Signet could take relatively small minority positions.

GDC is also negotiating with Botswana over a possible increase in the government's existing 15% stake in De Beers to around 25%, according to reports published earlier this week.

Anglo American has been seeking a buyer for De Beers since May 2024, after abandoning a proposed takeover by BHP and announcing a restructuring focused on its other mining businesses.

The diamond business has suffered three impairments in three years, with Anglo reducing its carrying value to $2.3 billion in February 2026.