Richemont and De Beers: Cartier Eyes the Mine

The owner of Cartier and Vacheron Constantin is negotiating its entry into the leading consortium to acquire De Beers. A strategic but risky bet on natural diamonds.

The group that owns Cartier, Vacheron Constantin and Van Cleef & Arpels could soon own a stake in the world's most famous diamond miner. Since mid-October, Richemont has been negotiating its entry into the leading consortium bidding to acquire De Beers. No agreement has been signed yet.

On October 15, 2026, Bloomberg and then Reuters revealed that Richemont was in talks to acquire a stake in the Global Diamond Consortium. This investor group is in pole position to take over De Beers from Anglo American. In early November, the discussions were still described as advanced, though without any final commitment or public terms.

A Giant Sold for a Fraction of Its Past Value

Anglo American has been looking to divest its 85% stake in De Beers since 2024. Botswana holds the remaining 15%. The rumored price is around $1 billion, or approximately €890 million. In 2001, the company was valued at over $18 billion.

The preferred bidder, the Global Diamond Consortium, is led by Gareth Penny, the former head of De Beers. Anglo American named it the preferred bidder in July. It already includes Namibia, Angola, and several major diamond traders. Botswana, where most of the production originates, is negotiating to increase its stake to around 25%.

Richemont is not the only one knocking on the door. US retailer Signet (Kay, Zales, Jared) is also in talks to join, as is Antwerp-based diamond dealer Pluczenik. With so many players involved, each individual stake is expected to remain modest.

Why Richemont Wants to Go Straight to the Source

Jewelry accounts for about three-quarters of Richemont's business, as highlighted by its latest financial results. Cartier and Van Cleef & Arpels are among De Beers' largest clients. Acquiring a stake would allow the group to exert influence over a key link in its supply chain.

The stakes are also ideological. Johann Rupert, Chairman and controlling shareholder of Richemont, has long championed natural diamonds over much cheaper lab-grown stones. RBC analysts view this more as a long-term positioning move than a purely financial transaction.

The group certainly has the means. It had around €9 billion in net cash at the end of June, several times the value of De Beers. It would not be the first jeweler to move up the supply chain: Graff already owns 14.9% of Gem Diamonds, owner of the Letseng mine in Lesotho.

A Risky Bet on a Market in Crisis

De Beers has been losing money since 2023. Last year, its underlying EBIT loss reached $787 million on revenue of nearly $3.5 billion. Anglo American has already written down the value of its subsidiary three times in three years.

Some RBC analysts fear an endless cash drain. According to Rapaport, the number of bidders primarily shows that no single player wants to bear such a risk alone. Everything will depend on a recovery in demand for mined diamonds, which De Beers is trying to stimulate by reducing supply.

What This Means for Watchmaking

Richemont also owns Jaeger-LeCoultre, A. Lange & Söhne, IWC, Panerai, and Piaget. Gem-set watches, from the Cartier Panthère to Piaget high jewelry pieces, depend directly on the supply of stones. Privileged access to the source would strengthen the traceability the group can promise its clients.

For collectors, the message is clear: at Richemont, natural diamonds remain the standard of luxury. Original, documented, and traceable gem-setting could carry more weight in a watch's value on the secondary market. To track the market value of the group's brands, visit the Vacheron Constantin index and the Jaeger-LeCoultre index.

Next step: Richemont's half-year results, expected on November 13, could provide further details. Botswana authorities were aiming to conclude the sale in the fourth quarter of 2026.

Sources: Reuters, Bloomberg, Engineering News, National Jeweler, MINING.COM.