De Beers, the company that literally invented the idea that diamonds are forever, is about to learn that corporate valuations are not. Anglo American is in advanced discussions to sell its 85% stake in the legendary diamond miner for roughly $1 billion, a price tag that would have seemed laughable just a few years ago.
To put that number in perspective: Anglo American rejected a $50 billion takeover bid from BHP in 2024. Now it’s looking to offload one of its crown jewels for about 2% of that figure.
What’s actually happening
Anglo American CEO Duncan Wanblad has been publicly steering the company toward this moment for over two years. The formal sale process kicked off in May 2024, right after the company told BHP to take a hike on its mega-merger proposal. Wanblad has indicated the company would pursue either a trade sale or an alternative structure to exit the diamond business entirely.
As of February 2026, De Beers’ carrying value had been written down to $2.3 billion following multiple impairments. A $1 billion sale price would represent a steep discount even to that already-reduced figure, roughly 43 cents on the dollar.
