Photo by De Beers
“I hope this will happen in the coming weeks, not months. Negotiations are in the final stages, and we’ve never been this close to a sale,” Cook said at the Reuters NEXT Europe conference in London.
Anglo American announced its intention to sell its 85 percent stake in De Beers in May 2024 as part of a major business restructuring. The decision was made against the backdrop of a protracted crisis in the natural diamond market, where prices are under pressure due to declining demand and the rapid rise in popularity of lab-grown diamonds.
De Beers remains one of the largest players in the global diamond industry. The company operates mines in Botswana, Namibia, Angola, South Africa, and Canada, and its future is of strategic importance to countries whose economies depend heavily on the diamond sector.
According to Cook, the list of bidders for the asset still includes consortia comprising the governments of diamond-producing countries. Botswana, which already owns 15% of De Beers, as well as Namibia and Angola, are participating in the negotiations alongside private investors.
“It is important to us that the countries involved in the deal truly understand the diamond industry. There are strong consortia and companies interested in the long-term development of the business. This could serve as an example of an effective public-private partnership,” noted the head of De Beers.
According to Reuters, the pool of bidders has narrowed significantly: while six consortia expressed interest in the asset in 2025, only two remain in the running now. Potential investors include former De Beers CEO Gareth Penny, who now chairs the board of directors of the Ninety One investment group, a Qatari investment fund, and Israeli entrepreneur Nir Livnat.
If the deal goes through in the near future, it will mark one of the biggest transformations in the global diamond industry in recent years and will shape the future of a brand that has remained a symbol of the natural gemstone market for over a century.
