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.
More on Sourcing
The Latest
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
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.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
