De Beers Group CEO Al Cook is optimistic about the company’s future as it prepares to separate from Anglo American, potentially listing on the London Stock Exchange in a £4 billion float.
Cook highlighted that De Beers achieved significant milestones in its 124 years before Anglo acquired a majority stake 12 years ago. Now, as Anglo plans to divest the world’s leading diamond miner, speculation grows about a London market listing or a sale to entities like sovereign wealth funds.
Renowned for its iconic “A Diamond is Forever” campaign, De Beers has faced declining sales and prices amid rising popularity of cheaper lab-grown diamonds. Anglo’s CEO Duncan Wanblad revealed last month that De Beers is among four businesses set for sale or spin-off, part of a strategy to counter a £39 billion takeover bid by BHP.
Since taking over as CEO in February 2023, Cook has been steering De Beers towards becoming a leading luxury jeweler. He plans to double the number of boutiques from 40 to 100 by the end of the decade, while maintaining the company’s mining operations. The goal is to position De Beers as a rival to luxury brands like Cartier and Tiffany.
“Mining will always be necessary and important, and we think we’re very good at it,” Cook told the Mail. “But it’s got to be so much more than that if we’re going to be successful in the future.”
Central to Cook’s vision is the ‘Origins’ strategy, aimed at rekindling consumer affection for natural diamonds. He envisions customers being able to trace any piece of jewelry back to its De Beers mine of origin. Despite halting production of lab-grown diamonds for jewelry, De Beers will continue to manufacture them for industrial uses, such as 6G microchips.
Cook’s unconventional journey to De Beers began during a Skype call for a charity board meeting during the pandemic, where a conversation with Anglo’s former CEO Mark Cutifani led to his eventual recruitment. Cook’s prior experience includes a career at BP and a role at Equinor.
Established in 1888 by Cecil Rhodes, De Beers was partially owned by the Oppenheimer family for 80 years and has long-standing ties with Anglo, which acquired an 85% stake in 2012. The remaining 15% is held by the government of Botswana.
Despite the safety net provided by Anglo’s diverse metal businesses, Cook believes De Beers can thrive independently. “For 124 years, we didn’t have Anglo American as a majority owner. I think, arguably, some of our finest work was done when we were stand-alone,” Cook said. “The Oppenheimers and my predecessors did magnificent things as a stand-alone company, and I think we can do that again.”
Cook emphasized the amicable nature of the split, acknowledging Anglo’s contribution to De Beers’ technical mining expertise. “Like any couple that decides to consciously uncouple, we’re certainly starting off with the best of intentions,” he said. “We’ll do this in a very nice way, I think, and by the end of next year we’ll go our separate ways.”
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