Swiss luxury goods group Richemont, which owns Cartier and Van Cleef & Arpels, is in talks to join a consortium bidding for De Beers, the diamond mining company being sold by majority shareholder Anglo American, according to a Reuters report dated October 15, 2026.
De Beers has been valued at approximately USD 1 billion in the proposed transaction. Richemont is considering joining the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, which is seeking to acquire Anglo American’s 85% stake in the diamond miner. Botswana’s government holds the remaining 15%.
The discussions come as the natural diamond industry continues to navigate subdued demand, falling diamond prices and competition from laboratory-grown diamonds. A potential investment would give Richemont greater influence over a key part of its supply chain and strengthen its strategic involvement in the natural diamond category.
Richemont had approximately EUR 9 billion in net cash at the end of June 2026, according to company filings. However, its participation in the consortium has not been confirmed, and the terms of any potential investment remain undisclosed.
The consortium is also reported to be in discussions with US jewellery retailer Signet Jewelers, which operates brands including Kay Jewelers, Zales and Jared. Antwerp-based diamond manufacturing company Pluczenik has also indicated interest in participating in the bid.
Richemont’s potential involvement comes as De Beers continues to face financial pressure. The miner reported an underlying earnings loss before interest and tax of USD 787 million in 2025, against revenue of nearly USD 3.5 billion.
The outcome of the proposed acquisition will depend on the progress of negotiations among the parties involved, including the relevant stakeholders in Botswana. There is no guarantee that Richemont will join the consortium.
