LONDON — Could Richemont and Signet help save the embattled diamond industry?

According to a Bloomberg report, the two jewelry giants are in advanced talks to join the Global Diamond Consortium, which is tipped to buy De Beers from its majority owner Anglo American.

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Led by former De Beers CEO Gareth Penny, the GDC includes the countries of Namibia and Angola. Botswana, which part-owns De Beers, is planning to increase its stake in the miner to 25 percent from 15 percent.

Richemont could not be reached for comment. Signet declined to comment.

Natural diamond prices have been under assault due to the proliferation of lab-grown gems, which are selling at a fraction of the price and available everywhere from high-end jewelry stores to supermarkets.

According to RBC Capital Markets, synthetic diamonds now constitute 50 percent of total diamond volume, and 15 percent of total diamond value. The popularity of lab-grown gems is wreaking havoc on the prices of natural rocks.

Undulation high jewelry rings, including a toi-et-moi model on the right, from De Beers London.
Courtesy of De Beers London

In the first half of 2026, De Beers’ rough-diamond price index fell 16 percent year-over-year, while the average realized diamond price fell 32 percent to $105 per carat.

As reported, Anglo American is selling its 85 percent stake in De Beers as part of a wider restructuring plan to simplify its portfolio, create value for shareholders and divest noncore businesses. Going forward Anglo American will focus on the more lucrative copper, iron ore and fertilizer sectors.

The mining giant is looking to sell its stake in De Beers for around $1 billion. The sale would include the De Beers London jewelry brand, which has 37 stores globally and plays in the high-jewelry end of the market.

In a report published on Thursday, Piral Dadhania of RBC Capital Markets said the bank viewed Richemont’s potential participation as “strategically meaningful, but more about optics and long-term natural diamond category positioning than a financial event.”

Dadhania said Richemont’s stake in De Beers would likely be “relatively small” given the number of existing and prospective owners. He added that given Richemont’s strong net cash position of 8.5 billion euros “we do not envisage a meaningful financial impact” on the overall group.

He noted that jewelry accounts for around 55 percent of Richemont’s group revenue, so “making any move to support the natural diamond ecosystem is a rational hedge against lab-grown competition, which has compressed polished diamond prices in recent years.”

Cartier high jewelry rings unveiled in 2025.
Courtesy of Cartier

The RBC report also pointed out that Richemont is likely one of De Beers’ largest customers, “giving it an important voice in the future of the natural diamond industry.” The report added that if the world’s big jewelers did join the consortium, “it could help to stabilize, and eventually improve, broader consumer perception of natural stones.”

In a separate report, Jefferies’ James Grzinic said an investment by Richemont would be “strategically sound.” He argued the investment could potentially help Richemont “source very large, high-quality diamonds at a time when the boom in high jewelry sales has heightened the competition for multimillion-dollar stones,” among a small group of jewelers.

Richemont and Signet are not the only organizations backing natural diamonds.

Last month, the London-based Natural Diamond Council rebranded as The Diamond Collective with the mission of “reigniting the desire for natural diamonds.”

The new collective aims to unite “producers, retailers, brands, designers and new voices together around shared priorities for growth, to strengthen consumer confidence and clearly differentiate diamonds from synthetic diamonds.”

Signet-owned Blue Nile diamond jewelry with Royal Asscher diamonds.
Courtesy of Blue Nile

Amber Pepper, CEO of The Diamond Collective, said the organization “will bring the extraordinary story of natural diamonds into culture, strengthen trust in what makes them unique and inspire a new generation to choose them. This is how we will transform enduring emotional desire into lasting demand.”

Botswana is playing a big role, too.

As reported, De Beers and the government of the Republic of Botswana have tapped the Olympic gold medal athlete Letsile Tebogo to promote the African nation as a heartland of natural diamonds, and to mark its 60 years of independence.

Bogolo Kenewendo, Botswana’s minister of minerals and energy, said “natural diamonds have helped transform our country and create opportunities for generations of Batswana. Letsile’s rise to Olympic champion is a powerful example of what can be achieved when talent meets opportunity.”

He added: “Through this partnership, the government of Botswana, De Beers Group and Letsile Tebogo will share Botswana’s story with global audiences while highlighting the enduring value and positive impact of natural diamonds.” – With contributions from David Moin, New York

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