Johann Rupert’s Richemont is in advanced talks to join a consortium seeking to acquire De Beers, potentially bringing the owner of Cartier closer to the diamond mining business as the industry battles falling prices and competition from lab-grown stones.

The Swiss luxury group, controlled by South African billionaire Rupert, is discussing participation alongside US jewellery retailer Signet Jewelers and the Global Diamond Consortium, according to people familiar with the negotiations.

Neither company is guaranteed to join, and the size of any potential investment remains undisclosed.

The proposed deal comes as Anglo American values De Beers at $2.3 billion following three impairments in three years.

The sale could reshape ownership of one of the world’s best-known diamond businesses, with Botswana, Namibia and Angola positioned to play significant roles through the consortium.

African producers seek greater ownership

The Global Diamond Consortium, led by former De Beers CEO Gareth Penny, emerged in July as the preferred bidder for the business. It is negotiating with Botswana over a potential increase in the country’s ownership to around 25%.

Namibia and Angola, two major diamond-producing countries, are already part of the consortium, alongside major diamond manufacturers and other private investors.

Their involvement could give Southern African producers a more substantial stake in the business, although the final ownership structure has yet to be determined.

Richemont and Signet are expected to have relatively small holdings if they join, given the number of investors already involved and the anticipated stakes of the African governments.

Their participation could nevertheless bring two influential players in the jewellery market closer to the company responsible for supplying natural diamonds.

Cartier owner enters a pressured market

Richemont’s potential involvement carries commercial significance because jewellery accounts for about three-quarters of its business.

Its portfolio includes Cartier, Vacheron Constantin and Van Cleef & Arpels, placing it among the luxury groups with a direct interest in the appeal of natural gemstones.

Signet, which owns Zales, Jared and Kay, would bring the perspective of a major US jewellery retailer.

The diamond industry has long sought stronger support from luxury brands and retailers to promote natural stones as consumers gain access to lower-cost laboratory-grown alternatives.

The market has also been hit by declining Chinese luxury spending following a post-pandemic sales boom.

Trade tensions and geopolitical uncertainty have added pressure, contributing to falling diamond prices and complicating Anglo American’s efforts to find a buyer.

Anglo American seeks an exit

Anglo American has been pursuing a sale of De Beers since resisting an approach from BHP Group valued at almost $50 billion in 2024.

The subsequent sale process has unfolded against a deep downturn in the diamond market, forcing Anglo to reduce the value it assigns to the business.

Its latest carrying value of $2.3 billion reflects the impairments taken over three years, rather than an agreed acquisition price. The eventual sale terms and the consortium’s final ownership structure remain uncertain as negotiations continue.