De Beers sale: Anglo American Aims to Close the Chapter on Diamonds Before Summer 2026

Two years after the sale process began, the British mining group finally seems ready to close the chapter on one of the most powerful symbols of 20th-century luxury.

Al Cook’s statement is no coincidence. Since 2023, Anglo American has been focusing its portfolio on copper, iron and rare metals linked to new technologies. Natural diamonds now appear to be a more vulnerable asset. Between 2022 and 2025, De Beers’ book value fell by several billion dollars, whilst sales dropped from nearly 6.6 billion dollars in 2022 to 3.5 billion last year. At the same time, production fell from 35 to 21.7 million carats.

The decline in luxury consumption in China, along with the mass influx of lab-grown diamonds onto the US market, are among the main factors that have led to three consecutive years of contracting demand for natural diamonds. Nevertheless, there is no shortage of potential buyers for the giant De Beers, and various consortia are keen to finalise the takeover.

Whilst Botswana had initially explored an alliance with the Oman Investment Authority and other African partners, negotiations appear to have shifted towards more complex consortia, bringing together diamond-producing nations such as Botswana and Namibia, Gulf capital and veterans of the diamond industry, such as the former CEO of De Beers, Gareth Penny, or the Israeli businessman Nir Livnat. The exact composition of the two final bids has not yet been made public.

The stakes for African states are crucial. Botswana already holds a 15 per cent stake in De Beers; diamonds still account for around 80 per cent of its exports and nearly a third of its national GDP. An increase in its shareholding would enable the country to further secure the value chain and increase its influence over the global trade in precious stones.

It should also be borne in mind that, for interested parties, the deal holds significant medium- to long-term appeal: scarcity. The Luele mine, which has been in operation in Angola since 2013, is the only major deposit discovered in the last twenty years. Several major mines in Canada and southern Africa are set to close or scale back operations by 2027. This contraction in supply could consequently lead to a sharp rise in diamond prices in the coming years.