Anglo American is pressing ahead with the De Beers sale as the diamond market weakens further. The group is now in advanced talks over about US$1bn for its 85% stake, while Namibia weighs the implications for a sector that still generates major revenue and output.
Sale process moves into final phase
Anglo chief executive Duncan Wanblad said the company is advancing the sale process for De Beers. He linked that effort to wider cost cuts and lower capital spending. He also said Anglo remains focused on responsible separation of the business.
The reported structure centres on the Global Diamond Consortium, led by former De Beers chief executive Gareth Penny. The proposed deal would include about US$750m upfront and US$250m later for Anglo’s stake. The consortium would also inject about US$500m into De Beers after completion.
Reuters reported that Anglo has already identified a preferred bidder. However, the company has not said the process is exclusive, and negotiations are still ongoing.
The timing matters. Anglo is reshaping its portfolio following its strategic restructuring announced in 2024, concentrating on copper, premium iron ore and crop nutrients. De Beers has therefore become a non-core asset earmarked for disposal.
Namibia’s stake in the outcome remains material
For Namibia, the De Beers sale carries direct economic weight. Namdeb Holdings is owned 50% by the Namibian government and 50% by De Beers Group. It holds 100% of Namdeb Diamond Corporation and Debmarine Namibia.
In the latest reported year, Debmarine Namibia produced 1,435,000 carats. Namdeb Diamond Corporation produced 647,181 carats. Namdeb Holdings reported turnover of N$12.076bn. It paid N$72.279m in corporate tax, N$987.416m in royalties and N$260m in export levy.
Those figures underline why the transaction matters beyond London. Namibia depends on the De Beers-linked structure for output, fiscal receipts and industrial activity. The deal also raises questions about future governance, reinvestment and control across the value chain.
The wider market backdrop remains difficult. Anglo said the sale is advancing while diamond demand stays weak. Reuters also said the disposal process has been shaped by falling diamond prices and rising demand for synthetic stones.
For investors, the next test is not only price. It is whether Anglo, the consortium and producing states can settle a structure that protects capital, preserves operating stability and keeps revenue flowing. Watch for final bidder terms, state approvals and any capital commitment to De Beers.
