Signet Jewelers’ potential participation in a consortium seeking to acquire De Beers is consistent with the US retailer’s natural diamond strategy, according to analysts at UBS, as reported on October 16, 2026.
According to UBS, natural diamonds accounted for approximately 40% of Signet’s sales in calendar year 2025. The analysts said a potential investment in De Beers would complement the retailer’s focus on higher price points and premium jewellery brands, including Blue Nile.
Bloomberg reported that Signet and Swiss luxury group Richemont, which owns Cartier and Van Cleef & Arpels, were in advanced discussions to join the Global Diamond Consortium. The group, led by former De Beers chief executive Gareth Penny, is seeking to acquire De Beers from majority shareholder Anglo American. The potential transaction has been valued at approximately US$1 billion.
However, the discussions may not result in a completed transaction, and neither Signet’s nor Richemont’s participation is assured. With Southern African governments and other private investors expected to hold significant ownership positions, the two companies could ultimately secure relatively small stakes.
UBS views the potential investment primarily as a strategic move rather than an immediate driver of earnings. The analysts said the eventual stake size, valuation, capital commitment and potential commercial or supply-chain advantages would be key factors in assessing the transaction.
The reported discussions come as the natural diamond industry continues to navigate subdued demand and competition from laboratory-grown diamonds. Signet’s possible involvement could offer a route to closer alignment between diamond production and retail demand, although the commercial benefits would depend on the final terms of any investment.
