Cartier owner Richemont, chaired by South African billionaire Johann Rupert, holds talks to join De Beers deal as Botswana plans to double its stake to 30%

Under the proposed transaction, Botswana’s stake would rise from 15% to 30%, making the country De Beers’ largest individual shareholder and giving it greater influence over the company’s future.

The Global Diamond Consortium, led by former De Beers chief executive Gareth Penny, is the preferred bidder for Anglo American’s 85% holding. The governments of Namibia, Angola and Oman are working with the consortium towards becoming co-owners.

Swiss luxury group Richemont, which owns Cartier and Van Cleef & Arpels, is among the companies negotiating to participate. Richemont was founded and is chaired by South African billionaire Johann Rupert, whom Forbes ranks as South Africa’s wealthiest person with an estimated fortune of $15.9 billion as of November 9.

Reuters reported that American jewellery retailer Signet Jewelers and major diamond buyers Diarough, Pluczenik and Grandview Klein Diamonds were also involved in the discussions. However, their final participation and individual ownership stakes have not been confirmed.

Botswana President Duma Boko announced the proposed ownership increase during his State of the Nation address to parliament on Monday.

“This means that, when this transaction is complete, Botswana’s shareholding in De Beers will double from the current 15% to 30%,” Boko said.

“Botswana will become the single largest shareholder in De Beers, and with that comes greater influence in the strategic decisions for decades to come.”

Botswana’s approval is crucial because the country already owns 15% of De Beers and holds a right of first refusal over Anglo American’s interest.

The government has now endorsed the Gareth Penny-led consortium, giving the proposed buyer important support as negotiations with Anglo American continue.

De Beers is particularly important to Botswana through Debswana, the 50-50 mining partnership between the government and the diamond producer. The joint venture operates some of the world’s most valuable diamond mines and remains a major source of government revenue and export earnings.

Botswana’s economy has suffered from weak natural-diamond demand, competition from laboratory-grown stones and reduced luxury spending in China. Greater control of De Beers would give the government a stronger voice in decisions affecting production, marketing and the long-term direction of the industry.

Boko said Namibia and Angola would participate in the De Beers transaction, while Penny confirmed that the consortium was also working with Oman.

The three African governments are already connected to the natural-diamond industry.

Namibia partners with De Beers through Namdeb and the offshore producer Debmarine Namibia. Angola has been expanding diamond production and seeking a greater position in the international value chain.

Their proposed participation would place governments responsible for a considerable share of De Beers’ production inside the company’s ownership structure.

Penny said the consortium was working with Botswana, Namibia, Angola and Oman “towards becoming co-owners of De Beers” and wanted to conclude agreements with Anglo American as soon as possible.

The transaction could consequently move De Beers away from its present ownership structure—85% Anglo American and 15% Botswana—to one involving producer governments, diamond buyers and global jewellery businesses.

Richemont’s potential involvement would connect De Beers directly with one of the world’s largest luxury groups.

Rupert founded Richemont in 1988 and remains its chairman. Its brands include Cartier, Van Cleef & Arpels, Montblanc and Piaget.

That retail and marketing experience could prove valuable to De Beers, which is confronting declining natural-diamond prices and increasing competition from cheaper laboratory-grown alternatives.

American company Signet is also among the businesses involved in the talks. It owns jewellery brands including Kay Jewelers, Zales and Jared.

However, neither Richemont nor Signet has been confirmed as a final consortium member. The headline and article must therefore describe Richemont as “circling,” “eyeing” or “in talks to join” the transaction—not as an established De Beers shareholder.

The proposed ownership change extends beyond natural diamonds.

Boko said Botswana’s De Beers stake would also give the country exposure to advanced technology through Element Six, the company’s synthetic-diamond division.

Element Six is expected to participate in a planned $600 million synthetic-diamond facility in the United States. These specialised diamonds are used in industrial applications and could experience greater demand from high-performance computing and artificial intelligence data centres.

According to Boko, the US government asked Element Six to participate in synthetic-diamond technology development. He also discussed making the company central to a Botswana-US technology partnership with US Commerce Secretary Howard Lutnick.

The proposed American facility is separate from the De Beers acquisition. Its $600 million value must not be presented as the consortium’s purchase price or Botswana’s investment in the transaction.

Anglo American placed De Beers on the market in 2024 as part of a restructuring intended to concentrate the London-listed mining group on copper and other core assets.

The parties have not announced a final purchase price or disclosed how the remaining equity would be divided among the consortium members.

Anglo American said it would continue working with Botswana, the other participating governments and the Global Diamond Consortium to agree binding transaction documents.

The acquisition therefore remains proposed. It still requires final agreements and any necessary regulatory approvals before Botswana can formally increase its holding and the consortium can assume control of Anglo American’s 85% stake.

Nevertheless, Botswana’s endorsement removes a significant source of uncertainty and brings the proposed transfer of one of Africa’s most famous mining businesses closer to completion.