The natural diamond industry is entering a defining period of transformation as one of the world’s most influential diamond companies, De Beers, moves closer to a change in ownership while the broader market shows early signs of recovery after several challenging years.
De Beers CEO Al Cook has indicated that a sale of the diamond giant could be completed within weeks rather than months, bringing to a close a two year process of negotiations. Speaking at the Reuters NEXT Europe conference in London, Cook said discussions have reached an advanced stage and that the company is closer to a sale than ever before.
Anglo American placed its 85% stake in De Beers on the market in May 2024 as part of a wider restructuring strategy following a prolonged downturn in diamond prices, weaker consumer demand, and the rapid growth of lab grown diamonds.
De Beers remains one of the most important names in the global diamond industry, with operations spanning Botswana, Namibia, Angola, South Africa, and Canada. The company has played a central role in shaping the natural diamond market for more than a century.
The potential buyers include diamond producing nations and strategic investors. Botswana, which already owns a 15% stake in De Beers, along with Namibia and Angola, have shown interest through various partnerships. These countries recognise the importance of diamonds to their economies and are looking to secure a stronger role in the future direction of the industry.
Cook highlighted that the current interest comes from groups with deep diamond knowledge, creating the opportunity for a strong public private partnership that could support the next chapter of De Beers.
Sources indicate that the number of potential buyers has narrowed from six groups in 2025 to two remaining consortia. These include diamond producing governments, former De Beers CEO Gareth Penny, investment groups, and international investors.
Natural Diamond Market Recovery Begins to Take Shape
While the industry has faced significant pressure since 2021, the market is showing signs of reaching a turning point.
The downturn was driven by several major structural changes. The rapid expansion of lab grown diamonds transformed consumer expectations, with improvements in CVD and HPHT technology allowing synthetic diamonds to become widely available at significantly lower prices.
This created pressure across the natural diamond pipeline as consumers became more focused on size and appearance rather than rarity and long term value.
At the same time, weaker luxury demand, particularly in China, reduced one of the industry’s most important growth markets. The slowdown affected miners, manufacturers, retailers, and diamond producing nations.
Botswana, the world’s largest diamond producer by value, experienced economic pressure as declining diamond revenues impacted national growth. The challenges highlighted the importance of diamonds not only as a luxury product but as a critical economic resource for producing countries.
A New Diamond Market Structure
The current recovery is unlikely to mirror previous diamond cycles. The industry is entering a new era where scarcity, provenance, quality, and consumer trust will become increasingly important.
Natural diamonds and lab grown diamonds are moving into different market positions. Lab grown diamonds compete primarily on affordability, while natural diamonds continue to represent rarity, geological history, and emotional value.
The potential sale of De Beers could become a major milestone in reshaping the future of the natural diamond sector. New ownership, combined with improving market fundamentals and a renewed focus on the uniqueness of natural diamonds, may help create the foundation for the next phase of the industry.
For the global diamond market, 2026 could represent not just a recovery year, but the beginning of a new chapter.The natural diamond industry is entering a defining period of transformation as one of the world’s most influential diamond companies, De Beers, moves closer to a change in ownership while the broader market shows early signs of recovery after several challenging years.
De Beers CEO Al Cook has indicated that a sale of the diamond giant could be completed within weeks rather than months, bringing to a close a two year process of negotiations. Speaking at the Reuters NEXT Europe conference in London, Cook said discussions have reached an advanced stage and that the company is closer to a sale than ever before.
Anglo American placed its 85% stake in De Beers on the market in May 2024 as part of a wider restructuring strategy following a prolonged downturn in diamond prices, weaker consumer demand, and the rapid growth of lab grown diamonds.
De Beers remains one of the most important names in the global diamond industry, with operations spanning Botswana, Namibia, Angola, South Africa, and Canada. The company has played a central role in shaping the natural diamond market for more than a century.
The potential buyers include diamond producing nations and strategic investors. Botswana, which already owns a 15% stake in De Beers, along with Namibia and Angola, have shown interest through various partnerships. These countries recognise the importance of diamonds to their economies and are looking to secure a stronger role in the future direction of the industry.
Cook highlighted that the current interest comes from groups with deep diamond knowledge, creating the opportunity for a strong public private partnership that could support the next chapter of De Beers.
Sources indicate that the number of potential buyers has narrowed from six groups in 2025 to two remaining consortia. These include diamond producing governments, former De Beers CEO Gareth Penny, investment groups, and international investors.
Natural Diamond Market Recovery Begins to Take Shape
While the industry has faced significant pressure since 2021, the market is showing signs of reaching a turning point.
The downturn was driven by several major structural changes. The rapid expansion of lab grown diamonds transformed consumer expectations, with improvements in CVD and HPHT technology allowing synthetic diamonds to become widely available at significantly lower prices.
This created pressure across the natural diamond pipeline as consumers became more focused on size and appearance rather than rarity and long term value.
At the same time, weaker luxury demand, particularly in China, reduced one of the industry’s most important growth markets. The slowdown affected miners, manufacturers, retailers, and diamond producing nations.
Botswana, the world’s largest diamond producer by value, experienced economic pressure as declining diamond revenues impacted national growth. The challenges highlighted the importance of diamonds not only as a luxury product but as a critical economic resource for producing countries.
A New Diamond Market Structure
The current recovery is unlikely to mirror previous diamond cycles. The industry is entering a new era where scarcity, provenance, quality, and consumer trust will become increasingly important.
Natural diamonds and lab grown diamonds are moving into different market positions. Lab grown diamonds compete primarily on affordability, while natural diamonds continue to represent rarity, geological history, and emotional value.
The potential sale of De Beers could become a major milestone in reshaping the future of the natural diamond sector. New ownership, combined with improving market fundamentals and a renewed focus on the uniqueness of natural diamonds, may help create the foundation for the next phase of the industry.
For the global diamond market, 2026 could represent not just a recovery year, but the beginning of a new chapter.
Source: DCLA
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