SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo SourcingMay 20, 2024
Anglo American Confirms It Is Looking to Sell De Beers
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Anglo American plc confirmed Tuesday that diamond mining company De Beers will be “divested or demerged” as part of a broader restructuring designed to simplify its portfolio.
Editor’s note: This story was updated post-publication to include a statement from Platinum Guild International.
London—Anglo American is looking to offload both De Beers Group and its platinum business as part of a proposed restructuring that would streamline the company and position it as a major player in the “green” energy future.
In a statement issued Tuesday, the London-based mining giant outlined a plan that involves divesting or demerging De Beers in order to “improve strategic flexibility for both De Beers and Anglo American.”
De Beers followed up shortly with its own statement in which CEO Al Cook said he is “confident” the company will remain the diamond leader “for the next century.”
He said: “Today’s announcement from Anglo American opens up new possibilities under new ownership. But some things will not change. We will continue to deliver value for all our stakeholders, including our partners in Botswana, South Africa, Namibia, Canada, Angola, and other countries.
“In particular, we look forward to finalizing our transformational agreement with the Government of the Republic of Botswana, who hold a 15 percent ownership interest in De Beers.”
He said De Beers will unveil a new strategy later this month.
“Diamonds remain some of the most desired products around the world, and I am excited by the opportunity we have to bring their magic to a new generation,” Cook said.
“With the ongoing recovery in rough diamond demand, and such a positive outlook for the sector, I feel very confident in our future.”
London—Anglo American is looking to offload both De Beers Group and its platinum business as part of a proposed restructuring that would streamline the company and position it as a major player in the “green” energy future.
In a statement issued Tuesday, the London-based mining giant outlined a plan that involves divesting or demerging De Beers in order to “improve strategic flexibility for both De Beers and Anglo American.”
De Beers followed up shortly with its own statement in which CEO Al Cook said he is “confident” the company will remain the diamond leader “for the next century.”
He said: “Today’s announcement from Anglo American opens up new possibilities under new ownership. But some things will not change. We will continue to deliver value for all our stakeholders, including our partners in Botswana, South Africa, Namibia, Canada, Angola, and other countries.
“In particular, we look forward to finalizing our transformational agreement with the Government of the Republic of Botswana, who hold a 15 percent ownership interest in De Beers.”
He said De Beers will unveil a new strategy later this month.
“Diamonds remain some of the most desired products around the world, and I am excited by the opportunity we have to bring their magic to a new generation,” Cook said.
“With the ongoing recovery in rough diamond demand, and such a positive outlook for the sector, I feel very confident in our future.”
De Beers is one of four businesses Anglo is looking to sell off as it focuses on copper—a key element for renewable energy infrastructure and electric vehicles—and premium iron ore, which is used in steel decarbonization.
Also listed for divestment were the company’s steelmaking coal, nickel, and Anglo American Platinum Ltd. businesses.
Under the proposed plan, Anglo American Platinum is to “be demerged in a responsible and orderly way to optimize value for both Anglo American’s and Anglo American Platinum’s shareholders.”
In a statement shared with National Jeweler, the Platinum Guild International (PGI) said while it cannot comment on any corporate decisions Anglo American or Anglo American Platinum make, it remains focused on its strategy—creating incremental value for platinum.
In May 2023, Anglo American Platinum became the sole sponsor of PGI USA and PGI Japan. It has been the sole source of funding for PGI India since 2016, while PGI China remains funded by a consortium of South African platinum producers.
PGI said it expects market development to remain a key focus of the platinum mining industry, with jewelry, which represents a third of global platinum demand, playing a strategic role in it.
Tim Schlick, the new CEO of PGI, said: “Our strategy is clear and simple: create ounces and value for our sponsors and partners that otherwise would not exist. This stays front and center and I believe is a highly compelling value proposition to the industry.”
Anglo American Chief Executive Duncan Wanblad said the proposed restructuring would bring about the most radical set of changes the company has undergone in a decade but believes they are the right decisions to position Anglo for the future.
“Of course, we are conscious of the impacts of making such far-reaching changes, particularly on our employees. We see considerable opportunities for our employees, both in delivering the full potential of Anglo American and in the businesses that we will be divesting or demerging, all of which are high- quality businesses in their own right,” he said.
Anglo American announced its restructuring plan one day after it confirmed it had received a second unsolicited, non-binding takeover bid from BHP Group Ltd. on May 7.
Like the previous BHP offer that Anglo American rejected on April 26, this latest proposal is an all-share offer that calls for Anglo American to offload both Anglo American Platinum and Kumba Iron Ore Ltd. to its shareholders.
Though the May 7 bid is 10 percent higher, $43 billion vs. the $39 billion offered in April, Anglo said it still undervalues the company and its future prospects.
It also still has “significant execution risks” for shareholders, given the complexity of demerging both its platinum business and its iron ore business in South Africa, both of which would involve lengthy approval processes.
The board unanimously rejected BHP’s proposal, with the company noting that the board is “confident in Anglo American’s standalone future prospects.”
More on Sourcing
The Latest
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
