Anglo American has identified a consortium led by former De Beers chief executive Gareth Penny as its preferred bidder for its diamond business, according to a Botswanan minister. Moeti Mohwasa stated that the Global Diamond Consortium, headed by Penny, is the frontrunner, signaling a potential deal.

Botswana, a key player due to its significant diamond production from De Beers, aims to increase its 15 percent stake in the company. Penny, who led De Beers from 2006 to 2010, has been a tipped frontrunner. Other consortiums are also in the running, led by Nir Livnat of Diacore Group and Michael O’Keeffe of Burgundy Diamond Mines.

This development occurs amid a challenging market for natural diamonds, with prices down approximately 50 percent from 2022 highs due to lower demand in China and competition from lab-grown alternatives. De Beers recently halted production at its largest South African mine. Angola and Namibia have also expressed interest in acquiring a stake, with their participation envisioned in Global Diamond's proposal.