Most recently, interest has been reported from Indian mining billionaire, Anil Agarwal, along with Qatar’s sovereign wealth funds, as global investors take notice of a rare opportunity to acquire one of the world’s most storied names in luxury and mining. The interest comes just weeks after Anglo-American announced a sweeping restructuring plan to streamline its portfolio and focus on copper, iron ore, and fertilisers—commodities it sees as more aligned with future demand trends, especially from the energy transition vantage point. As part of that effort, Anglo is looking to exit the diamond sector entirely within 12 to 18 months.
The De Beers business, which has faced recent earnings pressure and a $2.9 billion write down, is no longer considered core. Despite recent market headwinds—including declining rough diamond prices and weaker consumer sentiment in key markets like China and the US, investors view De Beers as a long-term strategic asset. With a legacy that spans over 135 years, control of the world’s largest rough diamond distribution network, and exclusive rights to some of the richest diamond mines in Botswana, De Beers remains a valuable prize. Botswana, which owns a 15% stake in De Beers and co-owns the Debswana mining venture, has signalled it may exercise its right of first refusal to increase its ownership. However, sources close to the sale suggest the government is unlikely to pursue full control, opening the door to international bidders. Options on the table include a full trade sale, a public offering, or a demerger.
