De Beers, the leading diamond miner, reported a nearly $3 billion loss last year, prompting Anglo American to write down its value for the second consecutive year. CEO Duncan Wanblad shared that the diamond market remains tough, influenced by rising demand for lab-grown diamonds and decreased spending in China. The planned spin-off of De Beers is delayed, affecting the company's strategy to fend off a takeover by BHP, as the diamond business struggles with diminished valuations and profitability, significant impairments totaling $2.9 billion last year.
Anglo American recorded a $2.9 billion writedown on De Beers as lab-grown diamonds gain popularity, causing ongoing losses and a $3.1 billion net loss in 2024.
De Beers struggles continue amid a decade of slumping diamond prices attributed to the rise of lab-grown stones and reduced consumer spending, especially in China.
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