Richemont and Signet Said In Talks to Join Bidder for De Beers
Luxury giant Richemont and US retailer Signet Jewelers Ltd. are in talks to join a consortium that’s in prime position to buy diamond miner De Beers, according to five people familiar with the matter.
Swiss luxury group Richemont, the owner of Cartier, is reportedly in negotiations to join a consortium aiming to make a bid for diamond miner De Beers, according to Bloomberg News. The news outlet cited five sources familiar with the situation, though Reuters was unable to independently verify the report. Richemont has not yet commented on the matter.
The acquisition of De Beers, one of the world's largest diamond miners, would provide Richemont with greater control over a vital component of its supply chain. The diamond mining industry is currently recovering from a downturn. According to Bloomberg, Richemont, which also owns high-end jeweller Van Cleef & Arpels, is discussing joining the Global Diamond Consortium, a group led by former De Beers Chief Executive Gareth Penny.
Sources quoted by Bloomberg suggested that negotiations were progressing, but there was no assurance that Richemont would ultimately join the bid.
Bloomberg also reported that US jewellery retailer Signet could potentially join the consortium. Signet did not provide an immediate response to a request for comment.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.