Al Cook

IT has only been three years since Al Cook took over as CEO of De Beers, but he could well be out of a job soon. That’s not of his own doing but the result of Anglo American’s determination to concentrate primarily on copper and iron ore. Consequently, its 85% stake in De Beers has been put up for sale and Cook’s job may well be on the line once the process has been completed. Before then, he must juggle a few balls to make this a successful process.

For one, Anglo values the stake at close to $5bn, whereas the sell-side consensus is below $3bn against the backdrop of a severely depressed diamond market. Secondly, the buyers are not likely to be global multinationals but a mix of sovereign funds and African governments. Both Angola and Botswana have announced their interest, with the latter the clear frontrunner as it owns 15% of De Beers and supplies 70% of its annual rough diamond output. In February 2025, De Beers and Botswana also extended their 10-year sales agreement and a 25-year mining licence extension for the 50:50 Debswana mining joint venture.

And finally, Cook has to improve the valuation by addressing some of the company’s key operations issues: De Beers needs to continue reducing its diamond stockpile, estimated to be as much as $2bn last year, deal with the decline in rough diamond prices – down again in 2025 – and address a surge in demand for cheaper, lab-grown gems.