{"id":92005,"date":"2026-10-18T07:42:00","date_gmt":"2026-10-18T04:42:00","guid":{"rendered":"https:\/\/geoconversation.org\/?post_type=news&p=92005"},"modified":"2026-10-16T08:58:44","modified_gmt":"2026-10-16T05:58:44","slug":"richemont-and-signet-in-talks-to-join-consortium-to-buy-de-beers","status":"publish","type":"news","link":"https:\/\/geoconversation.org\/en\/news\/richemont-and-signet-in-talks-to-join-consortium-to-buy-de-beers\/","title":{"rendered":"Richemont and Signet in Talks to Join Consortium to Buy De Beers"},"content":{"rendered":"\n

The owner of Cartier and major US jewelry retailer Signet Jewelers are discussing joining a consortium that has a strong chance of buying diamond miner De Beers. The participation of luxury brands in the deal could signal support for natural stones<\/a> amid a prolonged crisis in the industry.<\/p>\n\n

According to five sources familiar with the talks, both groups are in consultations with the Global Diamond Consortium, a structure led by former De Beers chief Gareth Penny. The talks have advanced far, but there is no guarantee of entry yet.<\/p>\n\n

The consortium already includes Namibia and Angola, among the largest diamond producers, as well as several leading diamond cutting companies. GDC and Signet declined to comment, and Richemont did not respond to a request.<\/p>\n\n

The consortium emerged as the preferred buyer of De Beers in July. It is now negotiating with the government of Botswana, which already holds a stake in the company, over raising its holding to roughly 25%.<\/p>\n\n

The size of the stakes under discussion for Richemont and Signet has not been disclosed. Given that three southern African states will receive significant holdings and several private investors have already made commitments, the newcomers will most likely end up with small stakes.<\/p>\n\n

Background<\/p>\n\n

Richemont is one of the world\u2019s leading luxury groups, controlled by South African billionaire Johann Rupert. Its portfolio includes Vacheron Constantin, Cartier, and Van Cleef & Arpels, and jewelry accounts for about three-quarters of its business. Signet owns the Zales, Jared, and Kay chains and is among the largest jewelry retailers.<\/p>\n\n

The industry has been trying for several years to secure the support of luxury sellers to promote natural stones. After a sales peak during the pandemic, the sector weakened and then collapsed amid falling demand for luxury goods in China. Pressure was intensified by the popularity of synthetic stones, trade frictions, and sharp geopolitical shifts.<\/p>\n\n

Anglo American has been trying to sell De Beers since early 2024, when it fended off a nearly $50 billion approach from BHP Group. The process is being held back by the crisis in the diamond market<\/a>. Over three years, Anglo has written the business down three times, and in February the asset\u2019s book value fell to $2.3 billion.<\/p>\n\n

If Richemont and Signet join the consortium, it would be the first serious backing of natural diamonds by luxury retail in years of crisis. However, the deal is not yet closed, and its final configuration depends on negotiations with Botswana and other participants.<\/p>\n\n

Source: BloombergImage: \u201cKomsomolskaya Pravda\u201d \/ Global Look Press<\/p>\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The owner of Cartier and major US jewelry retailer Signet Jewelers are discussing joining a consortium that has a strong chance of buying diamond miner De Beers. The participation of luxury brands in the deal could signal support for natural stones amid a prolonged crisis in the industry. According to five sources familiar with the […]<\/p>\n","protected":false},"author":12,"featured_media":92006,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_seopress_titles_title":"Richemont and Signet May Join De Beers Consortium","_seopress_titles_desc":"The owner of Cartier and retailer Zales are discussing participation in buying the diamond giant. 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The participation of luxury brands in the deal could signal support for natural stones amid a prolonged crisis in the industry. 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