Luxury group Richemont and US retailer Signet Jewelers are in advanced talks to join the Global Diamond Consortium (GDC) bidding for De Beers, according to five people familiar with the matter, Bloomberg reports.
GDC, led by former De Beers chief executive Gareth Penny, was named preferred bidder in July and is in negotiations with Botswana to increase its stake to around 25%.
Namibia and Angola are already part of the consortium, alongside major diamond manufacturers.
The potential backing of Cartier-owner Richemont and Signet would be seen as a boost for natural stones amid a prolonged market crisis.
It is unclear what stakes the two might take, but they are likely to be minor given the significant holdings planned for the three Southern African states and other investors.
GDC and Signet declined to comment, while Richemont did not respond to inquiries, according to Bloomberg.
Anglo American has been trying to sell De Beers since early 2024, taking three impairments as diamond prices plunged on weak Chinese demand and competition from lab-grown gems.
The carrying value was lowered to $2.3-billion in February.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
