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Former CEOs, diamond manufacturers, commodities billionaire emerge as contenders to acquire De Beers

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De Beers, the world’s most iconic diamond company, is at the epicenter of a high-stakes battle for control amid unprecedented market turmoil and corporate upheaval. As parent company Anglo American moves to divest its struggling diamond subsidiary—spurred by a hostile takeover bid from BHP and mounting financial losses—two of De Beers’ former CEOs, Bruce Cleaver and Gareth Penny, have emerged as leading contenders to acquire the company, each heading separate consortia with deep industry knowledge and financial backing.

The crisis comes as De Beers faces a dramatic collapse in valuation, with Anglo American writing down its value by $2.88 billion and posting a $3.1 billion loss, bringing De Beers’ worth to just $4.1 billion. The diamond industry itself is under severe pressure from the rise of lab-grown diamonds, shifting consumer preferences, and a sharp decline in Chinese luxury demand. De Beers has slashed its 2025 production guidance by a third and expects to report losses for 2024, reflecting weak market fundamentals and persistent oversupply.

A diverse field of global bidders—including major Indian diamond manufacturers, commodities billionaire Anil Agarwal, and mining veteran Michael O’Keeffe—are also circling the company, drawn by its enduring brand value and mining assets despite the industry downturn. The Botswana government, which holds a 15% stake, remains a key stakeholder in any transaction, further complicating the geopolitical landscape.

Anglo American is pursuing a dual-track exit strategy, preparing both for a direct sale and a potential IPO of De Beers, aiming to complete the process by the end of 2025, though market conditions may extend the timeline. The outcome will determine not only De Beers’ fate but also signal the future direction of the natural diamond industry, as consolidation and vertical integration reshape the sector in response to historic challenges.

Given De Beers’ significant operations in Botswana and other African countries, any change in ownership will have geopolitical implications. The Botswana government’s 15% stake in the company ensures it will have a voice in any transaction, potentially influencing the selection of preferred bidders.The involvement of Qatari financing in Penny’s consortium and Indian billionaire Agarwal as a potential bidder reflects the global nature of interest in the company and the potential for shifting geopolitical influence in the diamond sector.

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DiamondBuzz

De Beers Group Launches “Heera Hai Aapke Liye” Program at IIJS Bharat Signature to Revolutionize Natural Diamond Accessibility in India

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De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative dedicated to making natural diamonds an integral part of daily life for the modern Indian consumer.

The “Heera Hai Aapke Liye” (Diamonds are for You) program is strategically designed to promote natural diamonds by raising awareness, boosting market visibility,and creating a seamless connection between retailers and consumers. With a focus on modern designs and attractive price points, the program also lets local retailers use De Beers Group campaigns as their own—second-piercing earrings, ‘Bestie’ bracelets, and ‘Intention’ pendants. It positions diamonds as a lifestyle choice for self-expression and daily wear.

Speaking at the launch, Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, detailed the evolution of the brand’s storytelling, stating, “De Beers Group has a rich legacy of creating iconic ritual campaigns that have shaped how the world perceives diamonds. With ‘Heera Hai Aapke Liye,’ program we are evolving that narrative for the Indian market to another level.

We are not just selling jewellery, we are making natural diamonds more accessible and desirable in India. Our goal is to empower retailers through INDRA (Indian Natural Diamond Retailer Alliance)  to ensure that every ‘First Diamond’ journey is as credible as it is beautiful.”

Kirit bhansali

Speaking on the occasion, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “IIJS has always been a powerful platform for shaping the future of India’s gem and jewellery industry, and the launch of ‘Heera Hai Aapke Liye’ at IIJS Signature reinforces that role. GJEPC is proud to partner with De Beers Group on the INDRA (Indian Natural Diamond Retailer Alliance) project, which is a critical step towards strengthening domestic demand for natural diamonds.

By empowering retailers, enhancing consumer confidence, and expanding access across metros and Tier 2 markets, this initiative aligns perfectly with our vision to grow the natural diamond category sustainably within India.”

The program ‘Heera Hai Aapke Liye’, rests on few strategic pillars aimed at industry growth and scalability:

  • Stocking & New Consumer Opportunity: Identifying gold wholesalers and distributors across 15–20 cities to focus on a first-phase target of 500 retailers.
  • Retailer Advantage: Providing a “Design Advantage” and strict “Product Hygiene,” backed by a clear buy-back policy and robust training and marketing support via the INDRA alliance.
  • Heera Hai Aapke Liye is robust entry-level product kit featuring earrings, bangles, bracelets, etc supported by exclusive visual merchandising (VM) for display.
  • Growth and Scalability: A PAN-India reach strategy designed to unlock new business opportunities for both manufacturers and retailers.

As India continues to grow as the world’s second-largest market for retail diamond jewellery, De Beers Group remains committed to strengthening the natural diamond narrative. By combining the emotional appeal of natural diamonds with the practical “Heera Hai Aapke Liye” framework, De Beers aims to build a sustainable future for the category across both metros and Tier 2 cities. De Beers and GJEPC aim to expand the base of Natural Diamond buyers, increase self-purchase consideration, and establish long-term credibility for the category.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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