Richemont is reportedly considering joining a consortium bidding for De Beers, although neither the luxury group nor Anglo American has confirmed the discussions. Signet has also been named considering joining in unconfirmed reports.
Bloomberg first reported that the Swiss luxury group had held talks about joining the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny. Reuters later cited an unnamed source familiar with the matter in its own report.
The discussions are said to be advanced, but reports stress that there is no guarantee Richemont will participate. The size of any prospective investment is also unknown. Richemont owns jewellers Cartier, Piaget, Van Cleef & Arpels, Buccellati and Vhernier, as well as a portfolio of watch brands, making diamonds important to its portfolio.
US jewellery retailer Signet Jewelers, owner of Kay Jewelers, Zales and Jared, was also linked to the consortium in Bloomberg’s report, although it has not confirmed its interest. Meanwhile, while Antwerp-based diamond manufacturer Pluczenik has confirmed its interest in acquiring a stake to Reuters.
Anglo American announced plans to separate De Beers from its business in 2024 and currently owns 85% of the diamond company. The remaining 15% is held by the Government of Botswana, whose position will be central to any transaction. Botswana is separately reported to be considering increasing its holding to approximately 25%.
