Anglo American is moving ahead with plans to sell the world’s leading diamond company, De Beers, while weighing further cost-cutting and capital preservation measures to cushion the impact of weak diamond market conditions.
Anglo American had acquired a controlling stake in the diamond company after buying a 40% stake held by CHL Holdings and Centhold International, which represented the Oppenheimer family’s interests, in 2011.
The stake was sold for $5.1-billion (R84.6-billion), moving the Oppenheimers out of the business after over 80 years, and the sale granted Anglo American, which has been with De Beers since 1926, a controlling stake as they then owned 85% of the shares in the diamond business.
Sale is part of an overhaul
Duncan Wanblad, Anglo American chief executive, said the sale forms part of an overhaul. De Beers is continuing to monitor rough diamond market conditions to match output with demand.
“We are progressing the sale process for De Beers and continue to assess further cost and capital preservation measures to minimise the impact from challenging diamond markets,” said Wanblad.
He said the company is also advancing plans to streamline its asset base, with the sale of its steelmaking coal division also progressing and expected to be agreed upon in the second quarter.
The group has resumed operations at Moranbah North, which is based in Australia, and continues to seek regulatory approval for its nickel business from the European Commission.
The production report for the first quarter, ending March 31, revealed that rough diamond production in South Africa increased by 53% to 700 000 carats as more underground ore was processed.
Production increased by 5% in Botswana due to improved grades at Orapa, while output at Jwaneng remained unchanged.
Namibia experienced a heavy 12% drop in production to 600 000 carats mainly due to scheduled maintenance on two vessels by Debmarine Namibia and the impact of decommissioning two vessels last year.
Anglo committed to divesting De Beers
Production also increased by 17% to 7.1-million carats, and this was driven by planned ore releases at the Gahcho Kué mine in Canada and higher output from the underground operation in Venetia.
Despite the increase in production, De Beers said trading conditions for rough diamonds remained under pressure due to industry challenges, geopolitical tensions, and tariffs.
Rough diamond sales for the first quarter of 2026 totalled 7.7-million carats from two sales cycles, generating $648-million in revenue.
This compares with 4.7-million carats sold in the same period last year, which brought in $520-million.
However, the average realised price dropped by 19% to $101 per carat, mainly due to a drop in rough diamond prices and a higher share of lower-value stones in the sales mix.
“Anglo American is committed to divesting De Beers, and we continue to progress a formal sale process and expect to provide an update through the course of 2026,” reads the statement.
- Anglo American is advancing plans to sell De Beers, the world's leading diamond company, amid weak diamond market conditions and is considering further cost-cutting and capital preservation measures.
- The company gained a controlling stake in De Beers in 2011 after acquiring 40% from the Oppenheimer family, who had been involved for over 80 years.
- Anglo American is also streamlining its assets, including progressing the sale of its steelmaking coal division and seeking regulatory approval for its nickel business in Europe.
- First quarter 2026 diamond production saw mixed results: increases in South Africa, Botswana, and Canada, but a 12% drop in Namibia due to maintenance and vessel decommissioning.
- Despite higher production and sales volume, rough diamond prices fell 19%, reflecting market challenges, but Anglo American remains committed to divesting De Beers with updates expected during 2026.
Duncan Wanblad,
“We are progressing the sale process for De Beers and continue to assess further cost and capital preservation measures to minimise the impact from challenging diamond markets,” said Wanblad.
He said the company is also advancing plans to streamline its asset base, with the sale of its steelmaking coal division also progressing and expected to be agreed upon in the second quarter.
Production increased by 5% in Botswana due to improved grades at Orapa, while output at
Namibia experienced a heavy 12% drop in production to 600 000 carats mainly due to scheduled maintenance on two vessels by Debmarine Namibia and the impact of decommissioning two vessels last year.
Production also increased by 17% to 7.1-million carats, and this was driven by planned ore releases at the Gahcho Kué mine in Canada and higher output from the underground operation in Venetia.
Despite the increase in production, De Beers said trading conditions for rough diamonds remained under pressure due to industry challenges, geopolitical tensions, and tariffs.
Rough diamond sales for the first quarter of 2026 totalled 7.7-million carats from two sales cycles, generating $648-million in revenue.
However, the average realised price dropped by 19% to $101 per carat, mainly due to a drop in rough diamond prices and a higher share of lower-value stones in the sales mix.
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