Multinational mining company Anglo American is in discussions to sell its 85 per cent stake in De Beers for about US$1 billion, a fraction of the diamond company’s former value, according to a Bloomberg report published on July 29.

The current deal sees Global Diamond Consortium (GDC), led by former De Beers CEO Gareth Penny and backed by Namibia, Angola, and several global diamond traders, paying for Anglo’s stake. Bloomberg reported the proposed deal includes an upfront payment of US$750 million, followed by US$250 million later, with additional payments linked to the company’s future performance.

The final stages of the sale come as the natural diamond industry faces one of its worst downturns in decades. Anglo has been seeking to divest De Beers since launching a major restructuring following BHP Group’s unsuccessful takeover approach in early 2024. The company has written down the value of De Beers three times in three years, reducing its carrying value to US$2.3 billion.

According to Bloomberg, GDC plans to invest approximately US$500 million into De Beers after the acquisition. However, there is no guarantee of a final agreement yet.

De Beers operates diamond mines in Canada, alongside its major production assets in Botswana, Namibia, and South Africa.