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Anglo American CEO Duncan Wanblad has made no secret of his desire to sell De Beers, which he’s called “a drag” on his company. Still, even when Anglo finds a suitable buyer for De Beers, it may be stuck owning its former corporate sibling for as long as 18 months. Because not only has the sale process taken a while—over two years—the sales approval process might drag on, too.
Wanblad told MiningMx that getting so many governments to sign off on the sale will be a drawn-out, cumbersome process:
We won’t know exactly which jurisdictions we need to file in until we’ve got the final group of consortium buyers confirmed.
De Beers currently trades in the U.S., China, Europe, so we should expect it’ll require approval there too, just given market concentrations and so on. I don’t know for sure whether it’s a year—maybe it’s a year to 18 months. I think that just depends on who the final buyer is going to be.
In addition, Botswana—De Beers’ 15% owner—may also delay approval of the final deal, as it has the right of first refusal. However, the publication said that “Anglo will be consulting with the government during the two-phase sale and hopes this will accelerate its processes.”
Wanblad said that Anglo still hopes to sell De Beers—which it first put on the block in April 2024—by the end of 2026.
After that’s done, and the deal awaits approval from different governments, it will still appear on Anglo’s balance sheet as a “discontinued operation,” Wanblad said.
During that time, the new buyer will be consulted on the choices Anglo makes for the company, but “the decisions [will be] our decisions.”
Reports have suggested that the frontrunner to buy the company is a consortium headed by former De Beers CEO Gareth Penny, and that the purchase price may be as low as $1 billion.
President Trump has postponed for three days a 50% tariff he planned to impose on $20 billion in Canadian goods at midnight Tuesday, according to CNN.
“Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” the president wrote on Truth Social.
The tariffs would have affected jewelry, including loose diamonds cut in Canada, silver jewelry, gold necklaces and neck chains, precious metal jewelry, and imitation jewelry. There would be no exemptions for goods that comply with the US-Mexico-Canada Agreement.
Jewelers Mutual Group has announced that current CEO Scott Murphy will retire at the end of 2026.
Mike Alexander, currently the Neenah, Wis.-based insurer’s president, will succeed Murphy as CEO, effective Jan. 1, 2027.
Murphy will continue to serve as a member of Jewelers Mutual’s board of directors. He has been CEO of Jewelers Mutual since January 2015.
The Plumb Club has elected Steven Lerche of Goldstar as its new president. He’s the youngest member to hold this position.
Ray Mastoloni of Mastoloni Pearls will become the club’s new vice president. Debbie Azar of Gemological Science International will assume the role of treasurer, which had been held by Mastoloni. Jeff Weinman of ODI/Tache was elected Plumb Club secretary.
Michael Lerche of Goldstar will continue as pavilion chairperson.
The hosts of the Rough Cut podcast—Emili Vesilind, Alain Simic, and J.B. Jones—have given The Jewery Wire their coveted “best newsletter” award. Woo-hoo! You can hear the amazing moment about 52 minutes in. Thanks—and yes, I have listened to your show.
The Diamond Club West Coast, Indian Diamond & Colorstone Association, and Jewelers of America will host the Los Angeles Jewelry Trading Event, on Aug. 24, from 10 a.m. to 4:30 p.m. at the Diamond Club West Coast office at 550 S. Hill St., Suite 1600, in Los Angeles. Admission is free for qualified attendees. Register here.
The trading event will be followed by the 6th Annual Mega Mixer, which will take place on Aug. 24, from 6 p.m. to 9 p.m. at Elevate Lounge in Downtown Los Angeles. Admission is free to members of participating organizations. Register here.
Today’s jewelry links cover Douglas Jewelers, Seiko, Ekati, John Hardy, Diamonds Do Good, Olga Oleksenko, Debbie Zummo Doekker, John Benjamin, Meghan Markle, Marilyn Monroe, Miss Manners, The Odyssey, and Barbie
Shein loses UK copyright lawsuit against rival Temu (Reuters)
Small cities in India start liking lab-grown diamonds (Times of India)
N.W.T. regulator accuses Ekati mine receiver of dumping waste without authorization (CBC)
Wells Fargo lowers gold price target to below $5,000 (The Street)
Profile of Ukrainian jeweler Olga Oleksenko (JCK)
Debbie Zummo Doekker has been named wholesale merchandiser at John Hardy (LinkedIn)
Douglas Jewelers reopens in Doylestown under new family ownership. (Patch)
Japanese watch companies like Seiko are showing better returns than standard luxury stocks (WatchPro)
Diamonds Do Good announces grant to Black Coffee Foundation’s ‘Gift of Sight’ Initiative (PR)
Former Antiques Roadshow expert John Benjamin releases updated book on Collecting Jewellery (JCK)
How Prince William reportedly feels about Meghan Markle wearing Princess Diana’s jewelry (Hola!)
Miss Manners decides whether someone should wear pearls to a funeral (Syracuse.com)
Why jewelry drives the plot in The Odyssey (Tatler Asia)
New Marilyn Monroe Barbie doll inspired by ‘Diamonds Are a Girl’s Best Friend’ ensemble (Variety)
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