Anglo American picks Global Diamond Consortium to buy De Beers

Anglo American has chosen the Global Diamond Consortium as its preferred bidder for its 85% stake in De Beers, Botswana's Minister for State President, Defence and Security Moeti Mohwasa told parliament on Friday.reuters+1

A Three-Way Race Concludes

"Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium," Mohwasa told lawmakers in Gaborone. The consortium's proposal includes fellow diamond-producing nations Angola and Namibia, according to Reuters.wtvbam+1

The deal is expected to close by the fourth quarter of 2026, subject to several conditions including approval from the Botswana government. An Anglo American spokesperson said the sale process was continuing and updates would follow in due course.reuters+1

Botswana Weighs Its Options

Botswana, which holds 15% of De Beers, retains the right of first refusal on the sale. Mohwasa said the government has full freedom to either join the preferred bidder as a partner, exercise its pre-emption rights independently, or team up with a third party. The government is consulting financial advisers on the best structure, he added.reuters+1

Botswana's President Duma Boko said last year that the country wanted to increase its holding to a controlling stake of more than 50%. How the government reconciles that ambition with the consortium's bid remains an open question.nationaljeweler

Long Road to a Sale

Anglo American has been seeking to offload De Beers as part of a broader portfolio restructuring. In February 2026, the company took a fresh $2.3 billion impairment on De Beers, and its chief executive indicated the diamond firm would likely be sold to a public-private consortium. Angola's state-run diamond company Endiama had submitted a "fully financed" offer for a minority stake in 2025, inviting Botswana, Namibia, and South Africa to participate.ecofinagency+2

The global diamond market has faced headwinds from declining rough production and growing competition from lab-grown stones, adding urgency to a transaction that will reshape ownership of one of the industry's most storied names.