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.

“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.”
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.
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