Nicky Oppenheimer

Nicky Oppenheimer
Oppenheimer in 2006
Nicky Oppenheimer
Born	Nicholas Frank Oppenheimer 8 6, 1945
Birthplace	Johannesburg, South Africa
Nationality	South African
Occupation	Businessman
Known for	Former chairman of De Beers; former deputy chairman of Anglo American
Education	Christ Church, Oxford (MA)
Children	1

Nicholas Frank "Nicky" Oppenheimer (born 8 June 1945) is a South African billionaire businessman who served as chairman of De Beers, the world's largest diamond mining and trading company, and its subsidiary, the Diamond Trading Company, as well as deputy chairman of Anglo American. The third generation of his family to lead De Beers — following his grandfather Ernest Oppenheimer and his father Harry Oppenheimer — Nicky Oppenheimer oversaw the company through a period of significant transformation in the global diamond industry before selling his family's 40 percent stake in De Beers to Anglo American in 2012 for $5.2 billion. Born and raised in Johannesburg, Oppenheimer was educated in England at Harrow School and Christ Church, Oxford, before returning to South Africa to enter the family business. He has been ranked among the wealthiest individuals in Africa and in the world, appearing on both the Forbes and Bloomberg Billionaires Index lists. Beyond the diamond trade, Oppenheimer has been involved in conservation, philanthropy, and advocacy for economic reform in South Africa.

Early Life

Nicholas Frank Oppenheimer was born on 8 June 1945 in Johannesburg, South Africa, to Harry Oppenheimer and Bridget McCall. He has a sister, Mary Slack. The Oppenheimer family had long been central to South Africa's mining industry. His grandfather, Ernest Oppenheimer, a German-born immigrant to South Africa, founded Anglo American Corporation in 1917 and subsequently took control of De Beers in 1929, establishing the family's position at the centre of the global diamond trade. Ernest Oppenheimer served as chairman of De Beers until his death in 1957, at which point Harry Oppenheimer succeeded him, continuing the dynasty's dominance over the diamond market for decades.

Growing up in one of South Africa's most prominent and wealthy families, Nicky Oppenheimer was exposed from an early age to the complexities of the mining industry and the social and political challenges of South Africa during the apartheid era. His father, Harry Oppenheimer, was known not only as a businessman but also as a member of parliament and a figure who, at times, voiced opposition to aspects of apartheid policy.

The Oppenheimer family's influence extended across multiple sectors of the South African economy, including gold and diamond mining, financial services, and agriculture. This background provided the younger Oppenheimer with both the connections and the expectations that would shape his career.

Education

Oppenheimer was sent to England for his schooling, attending Harrow School, one of the country's most prestigious independent boarding schools. He subsequently enrolled at Christ Church, Oxford, one of the largest and most prominent colleges of the University of Oxford, where he earned a Master of Arts degree. His education in England placed him within the tradition of many South African business and political elites who were educated at British institutions during the twentieth century. After completing his studies at Oxford, Oppenheimer returned to South Africa to begin his career in the family's business enterprises.

Career

Early Career at Anglo American and De Beers

Upon returning to South Africa after his education, Oppenheimer joined Anglo American Corporation, the mining conglomerate founded by his grandfather. He gained experience across multiple facets of the company's operations, working his way through various positions that exposed him to the mining, financial, and strategic dimensions of the business.

Oppenheimer's career trajectory within the family business was widely anticipated. He served on the boards of both Anglo American and De Beers, steadily accumulating responsibilities and authority. By the time he took on senior leadership roles, he had developed extensive knowledge of the diamond pipeline — from extraction through sorting, valuation, and sales — as well as the broader mining sector.

Chairman of De Beers

Nicky Oppenheimer succeeded his father as chairman of De Beers, becoming the third generation of the family to hold the position. Under his chairmanship, De Beers underwent a period of significant strategic change. The company had historically controlled the global diamond market through its Central Selling Organisation (CSO), a mechanism that enabled De Beers to regulate the supply of rough diamonds worldwide, thereby maintaining price stability. At its peak, De Beers controlled an estimated 80 to 90 percent of the world's rough diamond distribution.

During Oppenheimer's tenure, this model came under increasing pressure from multiple directions. New diamond-producing countries, particularly Russia, Canada, and Australia, began operating outside of the De Beers distribution system, eroding the company's market share. Additionally, concerns about "conflict diamonds" — diamonds mined in war zones and sold to finance armed conflict — drew international scrutiny and prompted the development of the Kimberley Process Certification Scheme, which De Beers supported.

In response to these challenges, Oppenheimer oversaw a fundamental shift in De Beers' business strategy. The company moved away from its traditional stockpiling model, in which it purchased diamonds on the open market to control supply, and instead adopted a demand-driven approach focused on marketing and branding. The Diamond Trading Company, a De Beers subsidiary, became the primary channel for selling rough diamonds to a select group of approved buyers known as "sightholders." This system replaced the older CSO model and represented a shift toward greater transparency and a more conventional business structure.

De Beers also invested heavily in its consumer brand during this period, launching the Forevermark brand and expanding its retail presence. The company's famous advertising slogan, "A Diamond is Forever," remained one of the most recognised taglines in the history of advertising, and Oppenheimer continued to leverage the brand's association with luxury and romance.

Oppenheimer also served as deputy chairman of Anglo American, the parent company that held a major stake in De Beers. The relationship between Anglo American and De Beers was complex, involving cross-shareholdings and joint ventures that had evolved over decades. As both an Oppenheimer family member and a senior executive in both companies, Nicky Oppenheimer occupied a unique position at the nexus of these corporate structures.

Sale of the Family Stake

In a landmark transaction announced in 2011 and completed in 2012, Oppenheimer sold his family's 40 percent stake in De Beers to Anglo American for approximately $5.2 billion in cash. The sale ended an 80-year association between the Oppenheimer family and De Beers, making Anglo American the sole major shareholder of the diamond company alongside the government of Botswana, which held the remaining stake through a partnership arrangement.

The sale was one of the largest transactions in the history of the African mining sector and marked the end of an era in the diamond industry. It gave Anglo American full control of De Beers' operations while providing the Oppenheimer family with substantial liquid capital to diversify their investments. After the sale, Oppenheimer stepped down from his executive roles at De Beers, though he retained the title of chairman for a transitional period.

As of late 2025, reports indicated that further aspects of the family's relationship with De Beers were being finalised, with Oppenheimer stating that the sale of remaining interests would conclude "in a few weeks."

Post–De Beers Activities

Following the sale of the De Beers stake, Oppenheimer and his family redirected their business interests through various investment vehicles. The Oppenheimer family's private investment office manages a diversified portfolio of assets across multiple sectors and geographies. Oppenheimer's son, Jonathan Oppenheimer, has played an increasingly prominent role in these activities, including acquiring full control of Nigeria's largest beverage can-maker in 2023.

Oppenheimer has also been active in advocating for economic reform in South Africa. In November 2025, he publicly urged the South African government to reduce bureaucratic obstacles to business, stating that "the most powerful thing the government could do is get out of the way, particularly in the entrepreneurial space." This advocacy has positioned him as a voice within South African business circles calling for market-friendly reforms and reduced government intervention.

Personal Life

Nicky Oppenheimer has one son, Jonathan Oppenheimer, who has followed his father into business and investment activities. The Oppenheimer family has maintained extensive property holdings in South Africa and in England. In South Africa, the family owns Tswalu Kalahari Reserve, one of the largest private game reserves in the country, located in the Northern Cape province. Tswalu was purchased by the Oppenheimer family and has been developed as a conservation and ecotourism destination, reflecting the family's commitment to wildlife preservation and environmental stewardship.

The family also operates the Diamond Route, a collection of nature reserves and heritage sites across South Africa that are open to visitors and used for conservation research. In England, the Oppenheimer family has been associated with Waltham Place, a country estate in Berkshire known for its organic farming and gardens.

Oppenheimer's sister, Mary Slack, has also been involved in the family's business and philanthropic activities.

Recognition

Oppenheimer has been recognised as one of the wealthiest individuals in Africa and in the world. He has appeared consistently on the Forbes list of billionaires and the Bloomberg Billionaires Index. As of 2025, Forbes placed him among the top 500 richest people in the world, alongside fellow South African Johann Rupert. He has been described as one of South Africa's "ultra-rich" individuals.

In addition to his business recognition, Oppenheimer has served as a trustee of Rhodes House at the University of Oxford, reflecting his ongoing ties to the institution where he was educated. Mining Weekly profiled him in 2012 as a significant figure in the mining industry at the time of the De Beers stake sale.

In April 2025, Oppenheimer's wealth was affected by global market volatility following the imposition of tariffs by United States President Donald Trump, with reports indicating he lost approximately R5.6 billion (South African rand) in value during the market downturn.

Legacy

The Oppenheimer family's involvement with De Beers spanned three generations, from Ernest Oppenheimer's assumption of the chairmanship in 1929 to Nicky Oppenheimer's sale of the family stake in 2012 — a period of more than 80 years during which the family shaped the global diamond industry in fundamental ways. Under the family's stewardship, De Beers established and maintained a system of supply management that had no parallel in any other commodity market, effectively setting global diamond prices for much of the twentieth century.

Nicky Oppenheimer's own contribution was marked by the transition away from this monopolistic model toward a more market-oriented and brand-focused approach. His decision to sell the family's stake in De Beers represented the recognition that the industry had changed irreversibly and that the family's interests could be better served through diversification.

Beyond the diamond business, Oppenheimer's legacy includes significant contributions to conservation in South Africa through Tswalu Kalahari Reserve and the Diamond Route properties, which have protected substantial areas of natural habitat and supported ecological research.

The family's involvement in environmental advocacy has continued into the next generation. In October 2025, an event associated with the Oppenheimer name called for African collaboration to address environmental challenges, with the message that "Africa must unite in its collaborative effort, align its efforts and share its strength" to protect the planet.

Jonathan Oppenheimer's growing prominence in business — including investments in African manufacturing and consumer goods — suggests that the Oppenheimer family's influence on the African business landscape will continue, albeit in sectors beyond the diamond industry that defined the family for most of the twentieth century.