The De Beers Sale and What It Means for Rough Supply
Richemont and Signet are reportedly in talks to join the preferred bidder, and Botswana is nearing a deal that could lift its stake to about a quarter — here is what natural diamond buyers should watch, and what to do before Diwali.
The De Beers sale, announced by Anglo American in May 2024, is in what Anglo’s chief executive calls its final, most challenging phase. On 15 October, reports first carried by Bloomberg that Richemont and Signet are in talks to join the Global Diamond Consortium — the preferred bidder for Anglo American’s 85% stake — ran across the trade press, including JCK and IDEX Online. Earlier that week, people familiar with the talks told Bloomberg that Botswana was close to agreeing a stake with the consortium that could rise to about 25%.
This briefing sets out where the deal stands, why ownership matters to rough diamond supply, and what we are advising trade buyers to do between now and the one-month Diwali shutdown in India’s cutting centres.
Where the De Beers Sale Stands This Week
In July 2026 the Global Diamond Consortium, led by Gareth Penny — De Beers’ chief executive from 2006 to 2010 — emerged as preferred bidder (National Jeweler).
Botswana: from 15% towards 25%
Botswana, which holds 15%, is reported to be nearing agreement with the Global Diamond Consortium on its stake and to be seeking about 25%, a step back from its earlier pursuit of majority control. Debswana, its 50:50 venture with De Beers, runs the Jwaneng and Orapa mines.
Source: IDEX Online →Producer states inside the bid
Namibia and Angola, with Botswana and several private investors, have committed to the consortium, according to Bloomberg. Under the reported structure, the three producer countries would together hold a minority, with private investors in control of De Beers.
Source: Rapaport (bid) → · Rapaport (Botswana) →Richemont and Signet at the table
Both groups are reportedly in talks to join, probably with relatively small stakes. Richemont’s executives have publicly ruled out lab-grown diamonds, and RBC Capital Markets analyst Piral Dadhania told Bloomberg that Richemont’s position as a major end user of De Beers’ diamonds gives it an important voice in the future of the natural-diamond industry.
Source: Rapaport →Price and timing
Anglo has reportedly discussed a price of about $1 billion, with further payments tied to De Beers’ performance after completion; no final agreement has been reached. Anglo aims to conclude the process this year, but its chief executive, Duncan Wanblad, has said regulatory approvals could take about a year, and more recently that they could easily take 18 months, once a deal is agreed (National Jeweler; IDEX Online).
Source: Rapaport → · IDEX Online →Our read: a change of owner alters nothing at the sight table this quarter. The De Beers sale is, at the earliest, a 2027 story for rough allocation; your fourth-quarter and first-quarter polished buying is a story for today.
Why Ownership Matters to Rough Diamond Supply
De Beers sells rough through two channels (De Beers Group). Global Sightholder Sales — ten sights a year in Botswana, Namibia and South Africa — account for about 90% of its rough sales by value. The rest goes through De Beers Group Auctions, which this month returned to the Israel Diamond Exchange for the first time in nine years, with goods shown to buyers in Ramat Gan from 13 to 15 October before bidding on De Beers’ online sales platform (IDEX Online).
Botswana produces more than 70% of De Beers’ diamonds (National Jeweler). A larger Botswana stake would, in our view, bring producer governments closer to the decisions that matter most to manufacturers: how much rough goes to the sights, how much stays for local cutting, and at what price.
Rapaport said the latest De Beers sight pointed to a “steady but cautious” rough market, in a month when the industry kept downsizing (Rapaport), and Petra Diamonds launched a review that could lead to a sale of the company or its assets (IDEX Online). A buyer at the price of about $1 billion that Anglo has reportedly discussed — a fraction of De Beers’ former value, Bloomberg reported earlier this year (Rapaport) — would have, in our view, every reason to protect price discipline rather than flood the sights.
Generic promotion of natural diamonds has leaned heavily on De Beers: before the June 2025 Luanda Accord, the Natural Diamond Council was funded almost entirely by De Beers. The six producing countries, one cutting centre and two gem hubs that signed the accord have pledged 1% of their annual rough-diamond revenue to the council, with most contributions expected at the time to start in 2026 (JCK). A shareholder such as Richemont would, in our view, have an interest in keeping that going. We see that as supportive, over time, for well-made natural goods, and less help at the commercial end of the market.
Pipeline Integrity matters more in a transition. Our natural stock is tracked from rough to polished — and if you are positioning both categories in one store, our guide to natural vs lab-grown diamonds sets out the differences your customers will ask about.
Five Decisions the New Owner Will Make
In our reading, the reports so far deal with ownership and stakes; none has said what the consortium plans for the sights.
| Lever | Where it stands | Why polished buyers should care |
|---|---|---|
| Sight allocation | About 90% of rough sales by value through ten sights a year (IDEX); from July 2026 De Beers cut its sightholder list by at least a third (JCK) | We expect changes in who receives which assortments to reach polished availability by size once those goods are cut |
| Rough pricing | Latest sight pointed to a steady, cautious rough market (Rapaport), after reported cuts of up to 50% on some smaller goods at the July sight (JCK) | Where polished is priced on what the rough cost, a rough price change may take a couple of months to reach polished prices; Rapaport noted that, in theory, De Beers’ January 2024 cut would not show until around March, while polished priced on replacement cost can move sooner (Rapaport) |
| Producer stakes | Botswana at 15% now; could rise to about 25%, people familiar with the talks told Bloomberg (Rapaport) | In our view, more local beneficiation could redirect rough away from traditional centres |
| Category marketing | Richemont reportedly in talks; has ruled out lab-grown (Rapaport) | If they join, Richemont and Signet would give the consortium links to high-end luxury jewellery and mass-market retail, whose support the industry has long sought for natural diamonds (IDEX) |
| Deal timing | Anglo aims to conclude the process this year; approvals could then easily take 18 months once a deal is agreed (IDEX) | In our view, policy changes are more likely to show at 2027 sights than at this year’s |
Plan by shape, not by headline. Keep your buying plan organised by shape and size — our complete guide to diamond shapes makes a useful checklist.
The Polished Picture Going into Diwali
Small, higher-quality goods led September’s price gains. Rapaport’s RAPI index, which tracks D to H, IF to VS2 rounds, rose 3.2% for 0.30 ct and 2.5% for 0.50 ct, while 1 ct gained 0.3% and 3 ct 1.5% (Rapaport). By mid-October, inventory of 0.30 and 0.40 ct goods was rising after manufacturers lifted production, causing a downward price correction in those sizes (Rapaport Market Comment, 15 October).
The same market comment reports solid Hong Kong demand for 1 to 3 ct rounds, especially 1.50 to 2.50 ct in VS1 to SI1, and, across the fancy-shape market generally, long Ovals, Marquises and Emeralds moving well from 2 ct up and long Cushions trading at premiums of 20% to 25% over square ones.
India’s cut and polished diamond exports fell 5.4% in September to $1.29 billion, even as total gem and jewellery exports rose 9.43% to $2.95 billion and polished lab-grown exports climbed 40.7% to $151.4 million (GJEPC). Indian manufacturers are now trimming rough purchases ahead of a one-month Diwali shutdown (Rapaport).
What this means for ordering: our planning assumption is simple — anything still to be cut or sorted in India waits until the factories reopen after Diwali.
How to Source Through the De Beers Sale
This is how we would plan natural diamond buying for the next quarter, whichever way the De Beers sale closes.
Book calibrated melee and matched pairs before the shutdown. If you set eternity bands, halos or earrings in January, confirm millimetre sizes, colour range and quantities now.
Don’t chase 0.30 to 0.40 ct. After September’s gains, rising inventory in these sizes argues, in our view, for buying to need rather than ahead of it. Price on the day, and keep orders flexible across adjoining colour and clarity grades.
Secure 1.50 to 2.50 ct for first-quarter bridal. Certified goods with GIA, IGI or HRD reports help your sales team explain the grade quickly — the same points we cover for consumers in how to choose the perfect diamond for an engagement ring.
Ask for origin paperwork as standard. Check that your suppliers’ Kimberley Process and warranty documentation is complete. Export buyers should also allow for import formalities — we set out one route in sourcing natural diamonds into Australia.
If you buy finished pieces rather than loose goods, our jewellery brand, Shreeji Jewellery, makes lab-grown and natural diamond jewellery in 9k, 14k and 18k gold and 925 silver.
Source direct from the manufacturer. Shreeji Diamond has cut and polished natural diamonds since 1986 and holds certified stock at the Jewelry Trade Center in Bangkok, under a Fair & Fixed Price Policy.
“Whoever owns De Beers next, the trade will still be paid for the same thing: the right stone, in the right size, delivered when the order needs it.”
— Shreeji Diamond · Jewelry Trade Center, BangkokFurther Reading
Plan Your First-Quarter Natural Buying
Direct from the Manufacturer
Send us the sizes, grades and quantities you need before the Diwali shutdown, and we will quote certified natural goods from our Bangkok stock.