Anglo American is likely to divest De Beers through a consortium structure rather than a single corporate buyer, according to comments made by CEO Duncan Wanblad in an interview with the Financial Times.

Wanblad stated that the sale process is advancing and could conclude in 2026, with interest emerging from a combination of government-backed and private investors. The development forms part of Anglo American’s broader strategy to streamline its asset base and focus on higher-return commodities.

Anglo American currently holds an 85 per cent stake in De Beers, while the remaining 15 per cent is owned by the Government of Botswana. Botswana is understood to be evaluating options to increase its holding as part of the potential transaction. Other African diamond-producing nations have also expressed interest in participating in a consortium structure.

The proposed sale comes against the backdrop of sustained pressure in the natural diamond sector, including declining rough prices, softer demand from key consumer markets such as China, and intensifying competition from lab-grown diamonds.

For the global diamond pipeline, a consortium-led ownership model — particularly with stronger producer-government participation — could signal a structural shift in governance and supply dynamics within one of the industry’s most influential mining companies.