Editor’s Note
This article examines a pivotal moment for De Beers, the historic titan of the diamond industry. As the market seeks stability, the company confronts profound strategic and structural challenges that will define its future.
The legendary firm De Beers, synonymous for decades with the global diamond trade, finds itself at a decisive moment in 2026. With a history dating back to the 19th century, the company faces structural challenges, strategic shifts, and questions about its future direction, even as the global natural diamond market attempts to stabilize after years of volatility.
In an interview that quickly went viral within the industry following its presentation at the Mining Indaba conference in South Africa, former De Beers CEO Gareth Penny offered a reflection that has sparked widespread debate: can the company reinvent itself by looking to its past?
His message aligns with a widely shared idea in the sector: deeply understanding the consumer is key for a jewelry brand—especially an iconic one—to successfully refocus. This philosophy, according to Penny, should guide any attempt to revitalize De Beers, even if current methods must differ from the past.
The company, which long operated as an almost omnipresent player in the industry, now faces a more fragmented and complex market than in previous eras. In fact, some industry veterans have pointed out that De Beers’ absolute dominance today may not be the healthiest for the overall market; a more diverse ecosystem with multiple leaders could bring dynamism to the industry.
This shift towards a more collaborative and market-centric model is consistent with other initiatives by the firm. In recent years, De Beers has launched campaigns like Desert Diamonds, designed from the consumer’s perception with messages of authenticity and uniqueness, connecting with new generations who seek not just sparkle, but also meaning.
However, the debate about De Beers’ future is not limited to marketing or storytelling. The company has made strategic decisions such as ending the production of lab-grown diamonds for jewelry—a signal of its focus on natural diamonds as the primary value driver—and exploring other technological applications for synthetic diamonds.
Simultaneously, De Beers faces significant operational challenges. Recent reports point to cuts in projected diamond production for 2026 and potential financial restructurings by its parent company, Anglo American, including possible new debt write-downs, underscoring that the company continues to adjust to a complex global market.
The core of Penny’s reflection focuses on this dilemma: Can De Beers reinvent itself by reclaiming elements of its historical identity? Many of the methods that made the firm great—especially its focus on vertical alliances and global marketing campaigns—still hold value, but must be reinterpreted for an environment where the consumer increasingly drives trends and purchasing decisions.
In a world where communication is fragmented and public expectations constantly change, the possibility of “returning to the past” does not translate into an exact replica of old strategies, but rather into capturing the essence that made De Beers special and updating it for the 21st century. The remaining question is whether the firm has the resources, the will, and the strategic clarity to do so.