The long-awaited sale of De Beers appears to be entering its final phase, with Chief Executive Officer Al Cook indicating that a transaction could be completed within weeks.

Cook said the divestiture process is “closer than it has ever been” and expressed confidence that a deal would be concluded sooner rather than later.

According to Cook, negotiations have been extensive and the process has now reached a critical stage. Potential buyers are understood to include a consortium comprising African governments and private-sector investors.

Botswana, which currently holds a 15 percent stake in De Beers, has shown interest in increasing its participation, alongside Angola and Namibia. Several commercially focused investment groups are also reportedly evaluating opportunities.

The sale comes as De Beers continues to grapple with challenging market conditions. Weak global demand for natural diamonds has prompted cost-cutting measures, including plans to reduce annual overheads by approximately $100 million. Parent company Anglo American has repeatedly written down the value of the diamond business amid declining sales and rising inventories.

According to Anglo American’s 2025 financial report released in February 2026, De Beers’ enterprise value has fallen to $2.3 billion, a sharp decline from $9.2 billion in 2023.