Swiss luxury group Richemont is in talks to join a consortium bidding for diamond miner De Beers, potentially giving the owner of Cartier and Van Cleef & Arpels greater control over its natural diamond supply chain.

According to reports from Reuters, citing a source familiar with the matter, Richemont is discussing joining the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny. The consortium is seeking to acquire Anglo American’s 85 per cent stake in De Beers, which is valued at approximately US$1 billion.

Bloomberg News first reported the talks, which were described as advanced, although Richemont’s participation is not guaranteed. The potential bid comes as the natural diamond industry faces falling prices and increased competition from more affordable lab-grown diamonds. Anglo American put De Beers up for sale in 2024 as part of a broader restructuring.

Richemont’s involvement could strengthen its position in the natural diamond market. The group had approximately €9 billion (US$10.09 billion) in net cash at the end of June, according to the Reuters report, which cited company filings.

Other potential participants include U.S. jewellery retailer Signet and Antwerp-based diamond manufacturer Pluczenik. According to Reuters, Signet is reportedly in talks to join the consortium, while Pluczenik has confirmed it is bidding for a stake.

Any transaction would depend on the Botswana government, which owns the remaining 15 per cent of De Beers and has a first right of refusal.

De Beers reported an underlying operating loss of US$787 million in 2025 on revenue of nearly US$3.5 billion, underscoring the financial challenges facing prospective buyers.