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
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
