TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhySourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers Sale
The update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
For the third time in three years, Anglo American has written down the value of De Beers Group amid a challenging diamond market. The company is looking to offload the business by the end of the year.
London—Anglo American CEO Duncan Wanblad shared some previously undisclosed details about the company’s sale of De Beers Group, which is expected to happen sometime this year.
Publicly confirmed in May 2024, the demerger or divestment is part of a larger restructuring that will allow Anglo to focus on “green” energy operations.
On the company’s full-year 2025 earnings call last week, Wanblad answered analysts’ questions about potential bidders for the diamond business and the timeline for the sale.
One analyst asked for more details regarding the bidders for De Beers, citing the various media reports on government interest, as well as interest from various consortiums, in acquiring the company.
Wanblad said, “They’re all consortia that are involved [in the bidding process]. Some of them include governments and some of them don’t.
“So, there is a possibility that our share will be sold in three parts potentially or two parts potentially. That depends on where we get to in the negotiation in the next few weeks.”
He also gave some color on when the sale will happen after an analyst asked if the “optimal scenario” would be for Anglo to sell De Beers before the company’s merger with Canadian copper mining company Teck Resources Ltd. closes at the end of the year.
“There is nothing in terms of the Anglo American portfolio restructure that is contingent on the completion of the deal with Teck. So, the sequence that you described would be absolutely ideal if indeed we could make that happen,” Wanblad said.
“The consequence of that is that it is highly likely if the deal [with Teck] closes around September or so of this year, De Beers will still be in the portfolio. I’m targeting, of course, to have it sold by that particular point in time, but it then will be running through its statutory and regulatory processes for completion. So, it would be in Anglo Teck’s portfolio until such time as it was gone.”
Related stories will be right here …
Publicly confirmed in May 2024, the demerger or divestment is part of a larger restructuring that will allow Anglo to focus on “green” energy operations.
On the company’s full-year 2025 earnings call last week, Wanblad answered analysts’ questions about potential bidders for the diamond business and the timeline for the sale.
One analyst asked for more details regarding the bidders for De Beers, citing the various media reports on government interest, as well as interest from various consortiums, in acquiring the company.
Wanblad said, “They’re all consortia that are involved [in the bidding process]. Some of them include governments and some of them don’t.
“So, there is a possibility that our share will be sold in three parts potentially or two parts potentially. That depends on where we get to in the negotiation in the next few weeks.”
He also gave some color on when the sale will happen after an analyst asked if the “optimal scenario” would be for Anglo to sell De Beers before the company’s merger with Canadian copper mining company Teck Resources Ltd. closes at the end of the year.
“There is nothing in terms of the Anglo American portfolio restructure that is contingent on the completion of the deal with Teck. So, the sequence that you described would be absolutely ideal if indeed we could make that happen,” Wanblad said.
“The consequence of that is that it is highly likely if the deal [with Teck] closes around September or so of this year, De Beers will still be in the portfolio. I’m targeting, of course, to have it sold by that particular point in time, but it then will be running through its statutory and regulatory processes for completion. So, it would be in Anglo Teck’s portfolio until such time as it was gone.”
As expected, Anglo had to write down the value of De Beers for the third time in light of the company’s continuing losses.
In 2025, De Beers’ group revenue totaled $3.5 billion, up 6 percent from $3.3 billion in 2024. This included $3 billion in rough diamond sales, an uptick from $2.7 billion in 2024.
Production declined by about 3 million carats (21.7 million carats mined in 2025 versus 24.7 million in 2024) while rough diamond prices also fell, with the average ending the year at $142 per carat versus $152 per carat last year.
De Beers said lower rough diamond prices and its “stock rebalancing initiatives”—deals it made to offload significant volumes of rough—had a “significant” impact on its earnings.
The diamond miner and marketer also is grappling with competition from lab-grown diamonds and the effect of U.S. tariffs, which stand at 10 percent across the board as of press time.
The company recorded an underlying EBITDA loss of $511 million in 2025, up significantly from $25 million in 2024.
Anglo American, which owns 85 percent of De Beers (the government of Botswana owns the remaining 15 percent), took a $2.3 billion impairment on De Beers after writing down the value of the business by $2.9 billion in 2024, and $1.6 billion in 2023.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
EditorsSep 15, 2026
Q&A: Signet Jewelers’ Joan Hilson on Diamond Demand, the HolidaysHilson, Signet’s chief operating and financial officer, discussed Q2, resurgent natural diamond demand, and why Blue Nile is a standout.
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
