Hints and tips:
...The company has also sounded out potential buyers of its De Beers diamond business, including Gulf sovereign wealth funds, luxury houses and wealthy individuals in recent weeks, according to two people familiar...
...In response to speculation that Anglo could spin off its struggling diamond producing unit De Beers, Wanblad said it was “not specifically” something that it is considering....
...home to a crucial global trading hub in Antwerp; France with its large jewellery sector; India, the world’s biggest diamond cutting centre; and the World Diamond Council, an industry body backed by De Beers...
...Diamond output for Anglo American’s De Beers slumped 23 per cent in the first quarter, as production was cut in response to an expected slow recovery in demand given the pullback in luxury spending and the...
...Diamond producers including De Beers’ arch-rival, Russia’s Alrosa, tried to curb the flow of gemstones into the market in the second half of last year....
...London-listed shares in Anglo American have been down by more than a third since the start of last year, putting its market capitalisation at £29bn, as the company’s De Beers diamond division and platinum...
...Its De Beers diamond division and platinum metals unit have been hit by low prices....
...That will be tested as Cook navigates De Beers’ relationship with Anglo American....
...De Beers said the recovery in the rough diamond market would be “gradual” after swinging to a $252mn loss before interest and tax in 2023 from a profit of $994mn a year earlier....
...Al Cook, chief executive of De Beers, the world’s largest diamond miner by value, said Chinese demand had been dragged down by a fall in the number of new homeowners, a shift towards consumers buying gold...
...The FTSE 100 group confirmed writedowns of $1.6bn for De Beers, its diamond producing unit, and $800mn for its Barro Alto nickel mine in Brazil because of revised assessments over the longevity of weak prices...
...De Beers, the world’s largest diamond producer by value, sold $110mn of diamonds in its tenth and final sale of 2023, down from $417mn a year earlier, while India halted imports of rough diamonds for two...
...Anglo American’s chief executive Duncan Wanblad has consistently defended both Amplats and diamond unit De Beers as having a bright future, even as he comes under pressure to take more radical action after...
...Russia is home to Alrosa, the world’s second-largest diamond producer by revenue after industry leader De Beers and a third of which is owned by Moscow....
...De Beers has launched its own lab-grown diamond range under the brand Lightbox but last month reversed a shortlived decision to sell fabricated diamond engagement rings....
...We quickly establish that beers will not feature on today’s expenses, and Cokes are duly ordered....
...In addition, De Beers, the group’s diamond producer, and Anglo American Platinum have suffered because of a sharp plunge in prices, caused by the steep rise in interest rates and tepid demand in China....
...James Campbell, an ex-De Beers employee who runs London-listed exploration company Botswana Diamonds, expects ODC to move away from auctions and create a sales system similar to De Beers to boost sales....
...De Beers relied on the nation for about 70 per cent of its rough diamond supply, or 24mn carats, last year....
...Proposals from Belgium and the Antwerp diamond lobby rival work undertaken by global industry group World Diamond Council which includes the world’s largest producer De Beers....
...Even diamond mining industry leader De Beers released its own synthetic gem engagement ring in June....
...Mining analysts diverge on how deep the rift between Botswana and De Beers goes....
..., just weeks away from a G7 system being announced, writes Harry Dempsey....
...Eventually, polished diamonds flow back up to the diamantaires, who aggregate them to sell to buyers such as Tiffany, Signet Jewelers, Cartier or Harry Winston....
...Duncan Wanblad, chief executive of De Beers’ owner Anglo American, said Cleaver had “successfully steered De Beers through a period of considerable change”....
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