South Africa billionaire Johann Rupert’s Richemont to join $1 billion bid for De Beers

Swiss luxury goods conglomerate Richemont, led by South African billionaire Johann Rupert, is reportedly engaged in talks to join a consortium aiming to acquire diamond mining firm De Beers for an estimated $1 billion. This potential investment would grant Richemont, which owns esteemed jewelry brands Cartier and Van Cleef & Arpels, enhanced control over its diamond supply chain amidst industry challenges such as falling prices and rising competition from lab-created diamonds.

According to Reuters on October 15, 2026, Richemont is contemplating joining the Global Diamond Consortium, spearheaded by former De Beers CEO Gareth Penny, which is bidding for Anglo American's 85% share in the diamond producer. With a valuation of around $113 billion and €9 billion ($10.09 billion) in net cash as of June, Richemont possesses significant financial resources to participate in the acquisition.

However, the negotiations are still underway, and there is no assurance that Richemont will ultimately join the consortium. De Beers has faced financial difficulties due to declining natural diamond prices and increased competition from more affordable synthetic alternatives. The company has reported losses since 2023, with an EBIT loss of $787 million in 2025 on nearly $3.5 billion in revenue.

Anglo American initially announced plans to sell its De Beers stake in 2024 as part of a wider restructuring plan. Nevertheless, Richemont's potential participation underscores its ongoing dedication to natural diamonds, particularly in the high-end jewelry sector. This proposed deal follows a series of negotiations involving African governments and international investors seeking control of De Beers, which operates diamond mining and exploration operations in Botswana, Namibia, Angola, South Africa, and Canada.

Similarly, Angola presented a bid for a minority stake in De Beers, suggesting a stake-sharing arrangement with Botswana, Namibia, South Africa, and Angola.