Anglo confirms De Beers sale is in ‘the final stages’

By the Editorial Team · Friday, July 31, 2026

Anglo American is nearing the completion of selling its 85 percent stake in diamond miner De Beers but has denied exclusive talks with any single bidder, with multiple parties still involved in negotiations. The sale, expected to close in the second half of the year, reflects the sharp decline in De Beers' value amid challenges from synthetic diamonds and shifting consumer demand.

Anglo American has confirmed it is in the final stages of selling its majority stake in De Beers but denied reports that it is engaged in exclusive negotiations with a single bidder for the diamond mining company. The FTSE 100 firm, which is currently merging with Canadian miner Teck Resources, holds an 85 percent share in De Beers, with the government of Botswana owning the remaining 15 percent.

Recent media reports suggested that Anglo American is close to agreeing on a sale of its De Beers stake for approximately $1 billion, a significant decrease from its valuation just a few years ago. This sharp decline reflects ongoing difficulties faced by the diamond sector, particularly due to competition from lab-grown diamonds.

The Botswana government recently stated that Anglo American had identified a consortium led by former De Beers CEO Gareth Penny as its preferred buyer. However, Anglo American CEO Duncan Wanblad clarified that no exclusive agreement has been reached with any consortium. He emphasized that multiple parties remain involved in the sale process and that reaching an agreement is complex given the need to align various stakeholders.

“We are pretty much in the final stages,” Wanblad said, but added that the current phase is challenging due to the number of interested parties involved. He expressed optimism that the transaction could be finalized during the second half of the year.

De Beers has seen its carrying value plummet in recent years amid softening consumer demand and the growing market presence of synthetic diamonds. Anglo American has written down the value of its De Beers stake three times since 2023, with the total carrying value falling from $9.4 billion in 2022 to $2.3 billion as of February 2026.

Despite challenges within its diamond unit, Anglo American reported a 35 percent increase in underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) to $4 billion, driven largely by higher copper prices. Following the earnings announcement, Anglo American’s shares rose 3.4 percent, closing at £37.26.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.