SourcingFeb 19, 2025
Diamond Mining Company CEO Steps Down Amid Sales Slump, LayoffsSourcingFeb 20, 2025
Anglo Writes Down Value of De Beers by $2.9B
As anticipated, Anglo took another impairment charge on the diamond miner and marketer, which saw revenue sink 23 percent in 2024.
After taking a $1.6 billion impairment charge on De Beers Group last year, parent company Anglo American has written down the value of the diamond miner and marketer by another $2.9 billion. The move comes amid a challenging time for De Beers and the natural diamond industry. (©De Beers Group/Photo credit: Ben Perry @Armoury Films)
London—Anglo American has written down the value of De Beers Group for the second year in a row, taking a $2.9 billion impairment charge on the business that reflects “further near-term adverse macro-economic conditions and industry-specific challenges.”
“The work to separate De Beers is well under way, with action taken to strengthen cash flow in the near term and position De Beers for long-term success and value realization,” Anglo Chief Executive Duncan Wanblad said on Thursday.
“Given prevailing diamond market conditions, we have reduced our carrying value of De Beers by $2.9 billion.”
Anglo confirmed last May that it was looking to sell De Beers as part of a broader strategy to streamline its portfolio and position Anglo as a major player in “green” energy solutions.
In an interview with National Jeweler in Las Vegas later that month, De Beers Group CEO Al Cook said there has been an expectation that Anglo and De Beers would go their separate ways for about 18 months before Anglo publicly confirmed that it was looking to sell De Beers.
He said at that time that Anglo had set out two options for offloading the De Beers unit, a demerger or a divestment, and that the separation would take 12 to 18 months, or possibly more.
Related stories will be right here …
“The work to separate De Beers is well under way, with action taken to strengthen cash flow in the near term and position De Beers for long-term success and value realization,” Anglo Chief Executive Duncan Wanblad said on Thursday.
“Given prevailing diamond market conditions, we have reduced our carrying value of De Beers by $2.9 billion.”
Anglo confirmed last May that it was looking to sell De Beers as part of a broader strategy to streamline its portfolio and position Anglo as a major player in “green” energy solutions.
In an interview with National Jeweler in Las Vegas later that month, De Beers Group CEO Al Cook said there has been an expectation that Anglo and De Beers would go their separate ways for about 18 months before Anglo publicly confirmed that it was looking to sell De Beers.
He said at that time that Anglo had set out two options for offloading the De Beers unit, a demerger or a divestment, and that the separation would take 12 to 18 months, or possibly more.
The writedown came as Anglo reported its full-year results for 2024.
De Beers’ revenue fell 23 percent year-over-year to $3.29 billion ($4.28 billion in 2023), primarily due to a 25 percent decline in rough diamond sales. Rough sales totaled $2.7 billion in 2024, compared with $3.6 billion in 2023.
Total rough diamond sales volumes fell 28 percent to 17.9 million carats compared with 24.7 million carats in 2023.
A decrease in consumer demand in China—once the world’s second largest market for diamond jewelry—and competition from lab-grown diamonds have hurt the natural diamond industry.
According to De Beers, global consumer demand for diamond jewelry shrunk by 3-4 percent year-over-year in 2024.
In the United States, the world’s largest market for diamond jewelry, demand was down 2 percent year-over-year, though De Beers said Thursday there are signs that lab-grown diamonds’ impact on the market has peaked as retail prices fall and retailers’ margins shrink.
It said, “Falling lab-grown diamond retail prices have meant jewelry retailer financial incentives are increasingly shifting in favor of natural diamond jewelry.
“While a proportion of natural diamond demand continues to be affected in the near term by lab-grown diamonds as a result of prevailing retail margins, such margins are expected to be unsustainable in light of increasing lab-grown diamond supply volumes, greater levels of competition, and growing consumer awareness of lab-grown diamond price trends.”
As previously reported, De Beers’ production was down 22 percent year-over-year in 2024.
Anglo and De Beers have cut De Beers’ production guidance for 2025 by a third. It is now forecast to mine 20-23 million carats of diamonds this year, down from its previous guidance of 30-33 million carats.
De Beers said Thursday that because of market conditions, the underground expansion at Venetia, its only remaining diamond mine in South Africa, is “undergoing a rescoping exercise.”
Production guidance for 2026 also has been reduced, though it is expected to increase in anticipation of market recovery.
De Beers is forecast to mine 32-35 million carats of diamonds in 2026 (down from previous guidance of 26-29 million carats), with production expected to increase again in 2027 to 28-31 million carats.
Anglo and De Beers have cut De Beers’ production guidance for 2025 by a third. It is now forecast to mine 20-23 million carats of diamonds this year, down from its previous guidance of 30-33 million carats.
De Beers said Thursday that because of market conditions, the underground expansion at Venetia, its only remaining diamond mine in South Africa, is “undergoing a rescoping exercise.”
Production guidance for 2026 also has been reduced, though it is expected to increase in anticipation of market recovery.
De Beers is forecast to mine 32-35 million carats of diamonds in 2026 (down from previous guidance of 26-29 million carats), with production expected to increase again in 2027 to 28-31 million carats.
The Latest
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
