Richemont in Talks to Join De Beers Bid

Richemont is in talks to join a consortium bidding for Anglo American’s 85% stake in De Beers, in a proposed deal valuing the diamond company at about $1 billion, according to a person familiar with the matter. The discussions have not resulted in a confirmed commitment, and the transaction remains subject to Botswana’s rights as a shareholder. The consortium, called the Global Diamond Consortium, is led by former De Beers chief executive Gareth Penny. Reports say U.S. jewelry retailer Signet Jewelers is also discussing whether to join. Neither company’s participation has been finalized, and there has been no announcement that the sale has been completed. Richemont owns jewelry brands including Cartier and Van Cleef & Arpels. Joining the bidder group could give the luxury goods company greater influence over a part of the supply chain used by its jewelry business, but the terms of any possible participation have not been disclosed. Richemont was not immediately available for comment, while Anglo American declined to comment. Botswana owns the remaining 15% of De Beers and has a first right of refusal over Anglo American’s stake. The government has not said whether it will...