Signet, Richemont in Talks to Join Consortium Bidding for De Beers

Signet Jewelers and Cartier owner Richemont are in talks to join the Global Diamond Consortium, the preferred bidder for De Beers, Bloomberg News reported Thursday, citing five people familiar with the matter.

The consortium, led by former De Beers CEO Gareth Penny, was named preferred bidder in July for the miner, which Anglo American put up for sale in May 2024. Bloomberg’s sources said there is no guarantee either company will take part, and the size of any stakes is unclear. With Namibia, Angola, Botswana and several private investors already committed, the two would likely take relatively small holdings.

Botswana, an existing shareholder, holds a right of first refusal and has not said whether it will use it. Officials said this summer a deal would likely close in the fourth quarter.

Richemont executives have publicly ruled out using lab-grown diamonds. RBC analysts said Richemont’s participation would matter more for the natural-diamond category’s image and positioning than financially.

Signet and Richemont did not immediately respond to requests for comment, Reuters reported. Anglo American declined to comment.