Key facts
- Richemont is in talks to join a bid for De Beers.
- The bid is reportedly led by the Global Diamond Consortium.
- Richemont would gain more control over its supply chain.
Swiss luxury group Richemont, owner of Cartier and Van Cleef & Arpels, is in discussions to join a consortium planning to bid for diamond miner De Beers, according to a Bloomberg News report citing people familiar with the matter. The acquisition would provide Richemont with greater control over its supply chain as the diamond mining sector recovers from a downturn. The consortium is reportedly headed by former De Beers CEO Gareth Penny, and US retailer Signet may also participate in the bid. Negotiations were described as advanced, though a definitive agreement was not assured.