A consortium led by former De Beers CEO Gareth Penny has reportedly moved into pole position to acquire De Beers from Anglo American, according to a report by the Financial Times.
The publication, citing Botswana's Minister for State and Defence, Moeti Mohwasa, said Anglo American has selected the Global Diamond Consortium as its preferred bidder, suggesting negotiations are entering an advanced stage.
While Anglo American acknowledged that its divestment process is ongoing, the company reiterated that multiple bidders remain under consideration and did not confirm the reported frontrunner. Penny also declined to comment.
Botswana, which holds a 15% stake in De Beers and accounts for roughly 70% of the company's diamond production, is carrying out its own assessment of the business before deciding its involvement in any transaction. According to Mohwasa, the proposed consortium could also include participation from Angola and Namibia.
The potential sale comes at a difficult time for the natural diamond industry, which continues to face subdued consumer demand, particularly in China, increasing competition from lab-grown diamonds, and sustained pressure on rough diamond prices. Anglo American's planned exit from De Beers forms part of its broader restructuring strategy.
