De Beers, the former diamond monopoly once valued at more than $18 billion could sell for about $1 billion as Anglo American (LON: AAL) nears a deal to offload the business amid the industry’s deepest downturn in decades. The preferred bidder is Global Diamond Consortium (GDC), a group led by former De Beers chief executive Gareth Penny that includes the governments of Namibia and Angola. Anglo acquired full control of De Beers in 2011 after buying out the Oppenheimer family’s stake in a deal that valued the business at nearly $13 billion. Industry resetGDC also plans to inject about $500 million into De Beers to support the business after the acquisition. The sale comes as the global diamond industry grapples with collapsing Chinese luxury demand, growing competition from lab-grown stones and broader geopolitical and trade tensions that have driven gem prices sharply lower.