Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert, is considering whether to join the Global Diamond Consortium seeking to acquire Anglo American’s 85% stake in De Beers, potentially giving the Cartier owner a direct interest in one of the world’s most prominent diamond producers.

Swiss luxury goods group, which owns prestigious jewellery brands including Cartier, Van Cleef & Arpels and Buccellati, has been linked to the proposed acquisition through the Global Diamond Consortium, a group led by former De Beers chief executive Gareth Penny. However, the company has yet to decide whether to participate in the transaction.

Richemont explores a place in De Beers ownership

Speaking on Friday, November 13, after the release of Richemont’s half-year financial results, Johann Rupert commented, “In terms of possible acquisitions, we haven’t made our mind up about anything,” Rupert said. “Any investment we may make in diamonds will not make any meaningful difference to our balance sheet or profit and loss account.”

The 76-year-old chairman of Richemont also remained vague about succession, after the company appointed his son Anton as co-deputy chairman in September. “I’m definitely not wedded to this,” Rupert said. “We’re having fun; I’m leaving a lot of decisions. The transition’s already taken place.”

Richemont chief executive Nicolas Bos affirmed the importance of natural precious stones to its jewellery collections as Richemont’s quarterly sales raise fears of a jewellery slowdown. The consortium is seeking to acquire Anglo American’s controlling interest in De Beers, which the London-listed mining group put up for sale in 2024 as part of a broader restructuring amid declining diamond prices and increasing competition from laboratory-grown stones.

For Richemont, participation could provide greater influence over a crucial part of its jewellery supply chain, particularly its access to natural diamonds, which remain important to its luxury brands.

African governments seek larger De Beers holdings

The proposed transaction is also attracting participation from African diamond-producing countries seeking greater ownership of the business.

Botswana, which currently owns 15% of De Beers, has backed the Global Diamond Consortium as its preferred bidder and plans to double its holding to 30% following the proposed transaction, according to President Duma Boko.

Angola is seeking a 10% stake, while Namibia is also reportedly pursuing a similar holding. The consortium has additionally said it is working with Oman towards becoming a co-owner of the diamond producer.

Anglo American said it would continue working with the African governments and the consortium towards agreeing binding transaction documents.

Richemont maintains focus on natural gemstones

Despite the uncertainty surrounding its potential investment, Richemont has reiterated the strategic importance of natural precious stones to its jewellery business.

Bos said natural gemstones remained important components of collections from the group’s historic jewellery houses, including Cartier, Van Cleef & Arpels and Buccellati.

The company’s possible participation in De Beers would come as the natural diamond industry navigates weaker demand, changing consumer preferences and competition from cheaper synthetic alternatives.

For now, Richemont’s position in the proposed acquisition remains undecided, leaving its potential entry into De Beers’ ownership structure dependent on further discussions with the consortium.