Anglo American Plc is reportedly negotiating a deal to sell its De Beers diamond business for approximately $1 billion, according to Bloomberg — a steep drop from the roughly $13 billion valuation when Anglo bought out the Oppenheimer family in 2011, and less than $18 billion when the company went private in 2001. Anglo has taken three impairments on De Beers over three years, cutting its carrying value to $2.3 billion as of February. The preferred bidder is Global Diamond Consortium, led by former De Beers CEO Gareth Penny and including Namibia, Angola, and several major diamond traders. Under the proposed structure, GDC would pay about $750 million upfront and $250 million later for Anglo’s 85% stake, plus performance-based payments, while also injecting roughly $500 million into the business. Botswana, which owns the remaining 15% and has pushed for a larger stake, must still sign off on any deal.