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
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
