De Beers’ $18B diamond empire could sell for just $1B

Cecilia Jamasmie | July 29, 2026 | 3:34 am Markets Top Companies Africa Europe Diamond

Former De Beers CEOs circle diamond giant as sale nears

De Beers store on Bond Street, London. (Image courtesy of William | stock.adobe.com.)

De Beers, the former diamond monopoly once valued at more than $18 billion could sell for about $1 billion as Anglo American (LON: AAL) nears a deal to offload the business amid the industry’s deepest downturn in decades.

The preferred bidder is Global Diamond Consortium (GDC), a group led by former De Beers chief executive Gareth Penny that includes the governments of Namibia and Angola.

Under the proposed structure, GDC would pay about $750 million upfront, followed by a further $250 million at a later date, people familiar with the matter told Bloomberg. The agreement would also include additional performance-based payments after the transaction closes.

“The discussions are not complete and there is no guarantee a deal will be completed or agreed on these terms,” the sources said.

Anglo acquired full control of De Beers in 2011 after buying out the Oppenheimer family’s stake in a deal that valued the business at nearly $13 billion. Since then, it has written down the unit three times in three years, cutting its carrying value to $2.3 billion in February as collapsing diamond demand and falling roughs prices battered the industry.

Industry reset

GDC also plans to inject about $500 million into De Beers to support the business after the acquisition. The consortium’s strategy centres on refocusing the company on mining and marketing mined diamonds.

Penny led De Beers from 2006 to 2010. (*Image courtesy of The Berlin Moot.*)

The transaction remains subject to negotiations with Botswana, which owns 15% of De Beers and a 50% stake in Debswana, the joint venture that produces most of Botswana’s diamonds. President Duma Boko has previously said the country wants majority control of De Beers, though it has been reported that Botswana may accept a larger minority stake instead.

The sale comes as the global diamond industry grapples with collapsing Chinese luxury demand, growing competition from lab-grown stones and broader geopolitical and trade tensions that have driven gem prices sharply lower. Anglo launched the sale process after rejecting BHP Group’s nearly $50 billion takeover approach in early 2024, but finding a buyer has proved difficult amid the prolonged market slump.

Penny, who led De Beers from 2005 to 2010, steered the company through the global financial crisis by idling mines and raising $1 billion through a rights offering before leaving the business under Oppenheimer family ownership.