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Signet Jewelers, Richemont May Join Bidder for De Beers, Report Says
The two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
Bloomberg was first to report that Signet Jewelers and Richemont are said to be in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny.
Editor's Note: This story has been updated post-publication to note Ninety One's correct headquarter locations.
New York—Signet Jewelers and Richemont are reportedly in talks to join a consortium that is bidding on De Beers, as per a Bloomberg report.
The Global Diamond Consortium is led by Gareth Penny, who served as CEO of De Beers from 2006 to 2010 and is now chair of Ninety One, an investment fund dual-listed in London and Johannesburg.
Richemont and Signet Jewelers did not respond to a request for comment by press time.
In July, De Beers parent company Anglo American selected the group as its preferred bidder to purchase its 85 percent stake in De Beers Group.
The remaining 15 percent is owned by the government of Botswana, which produces more than 70 percent of the company’s diamonds.
The Global Diamond Consortium reportedly is nearing an agreement with Botswana that could up the country’s stake to 25 percent, as per Bloomberg.
Related stories will be right here …
New York—Signet Jewelers and Richemont are reportedly in talks to join a consortium that is bidding on De Beers, as per a Bloomberg report.
The Global Diamond Consortium is led by Gareth Penny, who served as CEO of De Beers from 2006 to 2010 and is now chair of Ninety One, an investment fund dual-listed in London and Johannesburg.
Richemont and Signet Jewelers did not respond to a request for comment by press time.
In July, De Beers parent company Anglo American selected the group as its preferred bidder to purchase its 85 percent stake in De Beers Group.
The remaining 15 percent is owned by the government of Botswana, which produces more than 70 percent of the company’s diamonds.
The Global Diamond Consortium reportedly is nearing an agreement with Botswana that could up the country’s stake to 25 percent, as per Bloomberg.
Anglo American announced its plan to offload De Beers as part of a broader restructuring in May 2024.
De Beers has been struggling financially as it faces falling diamond prices due to weak demand in China and competition from lab-grown diamonds, as well as the impact of U.S. tariffs.
There is no official timeline for when the deal will be completed, though Anglo has said the goal is for the sale to be finished by the second half of 2026.
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