Cartier-owner Richemont in talks to join bid for diamond giant De Beers, source says

Richemont Discusses Joining Consortium for De Beers in $1 Billion Bid

Richemont's Potential Involvement in De Beers Acquisition

By Clara Denina and Olivia Kumwenda-Mtambo

Overview of the Bid

LONDON/JOHANNESBURG, Oct 15 (Reuters) - Swiss luxury group Richemont is in talks to join a consortium bidding for De Beers, the diamond miner being sold by Anglo American and valued at about $1 billion, a person familiar with the matter said.

A deal would give Cartier owner Richemont greater influence over a key part of its supply chain as the diamond industry emerges from a prolonged downturn.

Media Reports and Comments

Bloomberg News earlier reported the talks, citing people familiar with the matter.

Richemont was not immediately available for comment. Anglo American declined to comment. 

The Global Diamond Consortium

Consortium Leadership and Membership

According to the Bloomberg report, Richemont, which also owns jeweller Van Cleef & Arpels, is discussing joining the Global Diamond Consortium, a group led by former De Beers Chief Executive Gareth Penny.

Botswana's Role and Response

Any bid for De Beers would also depend on Botswana, which has a first right of refusal, but has yet to say whether it intends to exercise that option.

A spokesperson for Botswana's presidency said on Tuesday the government would not comment until a transaction had been concluded and signed. Officials said this summer a deal was likely to be completed in the fourth quarter of 2026.

Background on De Beers and Industry Context

Anglo American's Sale and Industry Challenges

Anglo put De Beers up for sale in May 2024 as part of a ⁠broader restructuring, after falling diamond prices and growing demand for synthetic stones hit the industry.

De Beers has mining and exploration operations in Botswana, Namibia, Angola, South Africa and Canada.

Progress of Negotiations and Other Potential Bidders

The Bloomberg report said negotiations were advanced, though there was no guarantee Richemont would join the consortium.

US jewellery retailer Signet could also join the bid, Bloomberg said. 

Signet did not immediately reply to a request for comment. 

(Reporting by Clara in London and Olivia Kumwenda in Johannesburg. Writing by Tassilo Hummel. Editing by Emelia Sithole-Matarise and Mark Potter)