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

By Reuters News

By Clara Denina and Olivia Kumwenda-Mtambo

- Swiss luxury group Richemont CFR.S is in talks to join a consortium bidding for De Beers, the diamond miner being sold by Anglo American AAL.L 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.

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

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

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.

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.

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.

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.

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk