British mining giant Anglo American is in talks to sell its 85% stake in the De Beers diamond business for approximately $1 billion. This valuation represents a decline of more than 90% from De Beers’ former valuation of over $18 billion.

According to Bloomberg, citing people familiar with the matter, the “Global Diamond Consortium” (GDC), led by former De Beers CEO Gareth Penny, has been identified as the preferred bidder. The sale comes as the global natural diamond industry is mired in a cyclical crisis, facing multiple pressures including declining luxury consumption, rising penetration of synthetic diamonds, and geopolitical tensions.