A consortium led by former De Beers Chief Executive Gareth Penny has emerged as the leading bidder to acquire De Beers from Anglo American, according to the Financial Times.
Citing Botswana’s Minister for State and Defence, Moeti Mohwasa, the newspaper reported that Anglo American has identified the Global Diamond Consortium as its preferred bidder, signalling that a deal may be nearing completion.
Anglo American did not confirm the report, saying only that it continues to run a competitive sale process involving multiple bidders. Penny declined to comment, the Financial Times added.
Botswana, which produces around 70% of De Beers’ diamonds and owns a 15% stake in the company, is conducting its own valuation of the business as it considers its role in the transaction. Mohwasa said the consortium’s proposal also envisages participation from Angola and Namibia.
The proposed sale comes as the natural diamond industry grapples with weak demand, particularly in China, growing competition from lab-grown diamonds and significantly lower rough diamond prices. Anglo American is divesting De Beers as part of its wider restructuring programme.