JCK Take 3: Is De Beers Worth Only $1 Billion?

By JCK News Desk | July 29, 2026

Anglo American Said to Price De Beers At $1 Billion

Anglo American is discussing a deal to sell its De Beers diamond business for about $1 billion, according to a Bloomberg report published July 29.

Sources familiar with the potential sale said the proposed transaction would see the Global Diamond Consotium, led by former De Beers CEO Gareth Penny, acquire Anglo American’s 85% stake in the miner. The consortium includes representatives from Namibia, Angola, and major diamond-trading interests.

Under the structure currently being discussed, Bloomberg said, about $750 million would be paid up front, with another $250 million to follow later. Additional payments tied to De Beers’ future performance are also reportedly under consideration.

The potential sale comes after Anglo American launched plans to dispose of De Beers following its successful defense against a takeover in 2024.

According to Bloomberg, Anglo has written down the value of De Beers multiple times in recent years, reducing the unit’s carrying value to $2.3 billion earlier this year. The report noted that Anglo’s acquisition of the Oppenheimer family’s stake in 2011 valued De Beers at nearly $13 billion, while the company was valued at more than $18 billion when it was taken private in 2001.

The proposed deal would also require agreement with Botswana, which owns a 15% stake in De Beers and a 50% interest in Debswana, the joint venture that produces most of the country’s diamonds. Bloomberg reported that Botswana has sought a larger ownership position in De Beers, though discussions remain ongoing and there is no guarantee a transaction will be completed.

Penny, who led De Beers from 2005 to 2010, is proposing a strategy centered on strengthening the company’s focus on natural-diamond mining and marketing. Bloomberg said Anglo American and representatives of the consortium declined to comment on the talks.

Israel’s Diamond Exports Fall to Record Low in First Half of 2026

Israel’s diamond exports fell to a record low during the first six months of 2026, according to figures published by the country’s Ministry of Economy and Industry and reported July 28 by IDEX Online.

The report said cumulative diamond exports, including diamond jewelry, totaled approximately $2.4 billion during the January–June period, the lowest recorded level in the history of Israel’s modern diamond industry.

Data cited by IDEX Online show that gross polished diamond exports declined 22% year over year to $1.77 billion in the first half of 2026. Rough diamond exports posted an even steeper decline, falling 34% to slightly more than $200 million during the same period.

The latest figures continue a long-term downward trend for a country that was once among the world’s leading diamond trading and manufacturing centers. According to the report, Israel’s annual polished diamond exports reached about $7 billion in 2015 but have steadily decreased since then.

Natalie Gutman, Israel’s diamond controller, told the Ynet news website that the current volume of diamond trade is roughly one-third of what it was a decade ago. She said the market has been in “consistent decline” since 2022 and has now reached an all-time low.

Outgoing Israel Diamond Exchange president Nissim Zuaretz blamed Israeli Prime Minister Benjamin Netanyahu for the decline, asserting that Netanyahu hasn’t stood up to the 12.5% tariff imposed by the Trump administration on diamonds and other Israeli goods.

“On the security front, we are shoulder to shoulder with the Americans, but economically we have suffered a setback,” Zuaretz said. “Countries that do not have half the strategic relationship Israel has with the United States have already signed trade agreements reducing their taxes on diamonds and other goods to zero, while we have been left with a 12.5% tax.”

Israel’s position as a major trading center has been challenged by the rise of Dubai, while the market has also been pressured by weaker global demand, competition from lab-grown diamonds, and ongoing security concerns.

Analysts Lower 2026 Gold Price Forecast

Analysts have lowered their outlook for gold prices in 2026 following a sharp retreat from the metal’s record highs earlier this year, according to a Reuters survey of 29 analysts and traders.

The poll, published July 28, found a median forecast of $4,509 per ounce for 2026, down from a projection of $4,916 made three months earlier. It was the first downward revision in 11 quarters.

Gold reached a record $5,595 per ounce in January before falling sharply during the second quarter. The decline followed geopolitical developments that fueled concerns about energy inflation and higher interest rates. Despite the pullback, analysts cited by Reuters said the longer-term factors supporting gold—including geopolitical tensions, government debt concerns, and currency-related risks—remain in place.

Reuters reported that analysts view purchases of gold by central banks as a stabilizing force for the market, even if buying slows from recent record levels.

Analysts told Reuters that elevated gold prices are likely to continue weighing on consumer purchases. The report noted that India raised import tariffs on gold and silver to 15% from 6% in May as part of efforts to curb overseas purchases and reduce pressure on foreign-exchange reserves.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.

(Top: photo courtesy of De Beers)