International News
Advent International Set to Acquire Controlling Stake in Orra Jewellery for Rs 1,750 Crore
US-based private equity firm Advent International is in advanced talks to acquire a controlling stake in Orra Fine Jewellery, a brand previously owned by India’s Rosy Blue Group, according to multiple sources familiar with the deal. The transaction, valued at Rs 1,500-1,750 crore (approximately $174-203 million), highlights the growing interest from investors in the jewellery retail sector.
Advent is expected to take a 51-75% controlling stake, with Dipu Mehta, Orra’s managing director, retaining a minority share. The private equity firm plans to take Orra public within a few years, and as part of the deal, it will assume management and voting rights.
Orra, founded in 2004 by the Rosy Blue Group, sells diamond, gold, and platinum jewellery through a network of stores across India. With design centres in global cities like Antwerp, Tokyo, New York, and Hong Kong, the company has carved out a niche in the premium jewellery market. The deal is now in the final documentation stages, with an official announcement expected soon.
International News
Consortium Led By Former De Beers CEO Gareth Penny Selected As The Preferred Bidder To Acquire De Beers
Botswana is expected to play a pivotal role in the transaction. The country, together with Namibia, Angola and other shareholders, already owns a 15% stake in De Beers
A consortium headed by former De Beers CEO Gareth Penny has been selected as the preferred bidder to acquire De Beers, according to Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa.
Speaking on the development, Mohwasa said Anglo American conducted a competitive sale process involving three shortlisted bidders before identifying the Global Diamond Consortium as its preferred choice.
Anglo American announced plans to divest De Beers in May 2024 as part of a broader restructuring strategy, driven by prolonged weakness in the diamond market and other business priorities.
The sale process has attracted significant interest from industry leaders and investors. Among those previously linked to the bidding were former De Beers CEO Bruce Cleaver, Australian mining executive Michael O’Keeffe, Indian billionaire Anil Agarwal, and Indian diamond companies KGK Group and Kapu Gems.
Botswana is expected to play a pivotal role in the transaction. The country, together with Namibia, Angola and other shareholders, already owns a 15% stake in De Beers and retains important rights under the shareholder agreement. Mohwasa emphasized that Botswana has the flexibility to either join the preferred bidder as a strategic partner or exercise its pre-emptive rights independently or with another investor.
Industry observers believe the eventual owner will seek to preserve De Beers’ vertically integrated business model, spanning diamond mining, trading and global natural diamond marketing, while positioning the company to benefit from a potential recovery in natural diamond demand and prices.
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