De Beers Sale could be "Weeks Away" says CEO
June 17, 26
(IDEX Online) - The sale of De Beers may be just weeks away, according to CEO Al Cook - ending more than two years of uncertainty for Anglo American's loss-making diamond company.
Divestiture is "closer than it has ever been," he told the Reuters NEXT Europe economic summit in London on 16 June, expressing optimism that "it'll happen in weeks rather than months going forward".
He said the process has involved extensive negotiations and is now reaching a critical stage.
The potential buyer is likely to be a consortium of African governments and private entities.
Botswana (which already owns a 15% stake), Angola, and Namibia have expressed interest in acquiring equity, alongside a number of business-oriented groups.
De Beers is facing $100 million of cuts to annual overheads amid ongoing weak diamond demand and Anglo American has repeatedly slashed its value as sales slumped and stockpiles increased.
Its enterprise value is currently just $2.3 billion, according to Anglo American's 2025 financial report released in February 2026, down from $9.2 billion in 2023.
Anglo American plans to refocus on copper and strategic metals following the divestiture. Cook emphasized that all interested buyers, whether commercial or government, were "knowledgeable and passionate about diamonds".
Pic shows Al Cook, CEO, De Beers Group.