For more than a century, the name De Beers has meant diamonds. From the streets of Kimberley to the high streets of the world, it has been one of South Africa’s most recognisable industrial brands. Now, according to reports, Anglo American is in talks to sell its majority stake in the company for about $1 billion , a fraction of what the business was once worth.
Bloomberg reports that Anglo is discussing a deal with a consortium known as the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny. The group is understood to include interests from Namibia and Angola, as well as some of the world’s largest diamond traders. The structure under discussion would see roughly $750 million paid upfront and a further $250 million later, with possible additional payments linked to future performance. The consortium is also said to be prepared to inject around $500 million of fresh capital into De Beers itself.
The talks come after years of difficulty in the natural diamond market. Anglo has already taken three major impairments on De Beers in three years, cutting the unit’s carrying value to $2.3 billion earlier in 2026. Once valued at well over $18 billion in the early 2000s, the business has been weighed down by weaker demand, competition from lab-grown diamonds, and operational challenges. Anglo has been seeking a buyer since it successfully defended itself against a large takeover approach from BHP in 2024.
Botswana, which owns the remaining 15% of De Beers and is the company’s most important producing partner through Debswana, remains a critical player. Any final deal will need to navigate Gaborone’s rights and interests. Namibia and Angola’s possible involvement points to a more regional African ownership structure than the traditional Anglo-dominated model.
For South Africa the story carries both economic and emotional weight. De Beers still operates major assets in the country, including the Venetia mine, and the brand remains deeply tied to the nation’s mining history. A sale at this valuation underlines how sharply the fortunes of natural diamonds have shifted in a short space of time.
