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Anglo American cuts book value of De Beers to $2.3bn, reflects a convergence of structural and cyclical pressures

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Anglo American has written down the book value of De Beers for the third consecutive year, slashing it from $4.1bn to $2.3bn — a 44% reduction — as the diamond miner reported a catastrophic swing from a $25m EBITDA profit in 2024 to a $511m loss in 2025. This impairment brings the cumulative destruction of De Beers’ book value to approximately $6.9bn since 2023, when it stood at $9.2bn.

The deterioration reflects a convergence of structural and cyclical pressures: weak consumer demand, falling rough diamond prices, inventory overhang, growing competition from lab-grown diamonds, and the headwinds of US tariffs on Indian exports — the world’s primary diamond cutting and polishing hub. Anglo American’s CEO Duncan Wanblad has confirmed De Beers is in advanced sale discussions, with the possibility of a staged divestment in two or three tranches.

A central paradox defines De Beers’ 2025 results: revenue grew 6% to $3.5bn, yet the business collapsed into deep loss. This disconnect is explained by the composition of sales. Sales volumes surged 17% to 20.9m carats as the company executed stock rebalancing initiatives — essentially clearing accumulated high-cost inventory at sharply discounted prices. The average per-carat realised price fell 7% from $152 to $142, reflecting both weaker market prices and the deliberate sale of lower-quality, lower-value stones.

The stock rebalancing programme alone generated $424m in trading losses, as diamonds acquired and cut at higher cost were sold at prices below their carrying value. This single line item accounts for the overwhelming majority of the $536m swing in EBITDA.

Anglo American CEO Duncan Wanblad confirmed in the February 2026 earnings call that the company is in advanced discussions with a select group of interested parties regarding the sale of De Beers. This follows Anglo’s strategic decision to simplify its portfolio by divesting non-core assets, a process accelerated by a hostile takeover approach from BHP in 2024.

Wanblad’s indication that the sale may occur in two or three tranches — rather than a single transaction — is significant. A staged divestment could reflect:
difficulty in finding a single buyer willing to take the full stake at an acceptable valuation
• a desire to maximise aggregate proceeds by selling to different buyers with different strategic motivations
regulatory constraints in relevant jurisdictions

With the book value now at $2.3bn and the business generating a $511m EBITDA loss, prospective buyers face the challenge of pricing an asset through the trough of a cycle in a structurally disrupted sector. Potential buyers may include:

  • Sovereign wealth funds seeking long-duration commodity exposure
  • Private equity consortia with a turnaround thesis
  • Industry consolidators, potentially including Government of Botswana (which holds a 15% stake) or luxury conglomerates
  • Strategic investors from emerging market diamond consumer nations
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DiamondBuzz

BAFTA 2026: De Beers Group- Desert Diamonds Emerged as the Jewellery Story of the Night

At this year’s BAFTAs, the red carpet was illuminated with natural diamonds in warm champagne tones, as Desert diamonds became the most consistent jewellery signature of the evening.

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At this year’s British Academy Film Awards, the red carpet was illuminated with natural diamonds worn by some of the acting world’s most beloved stars, with Desert Diamonds by De Beers emerging as one of the evening’s most consistent jewellery signatures. Nathalie Emmanuel, Gillian Anderson, Audrey Nuna, Archie Madekwe and Regé-Jean Page all stepped out wearing Desert Diamonds, marking a rare moment when multiple personalities aligned around the same diamond aesthetic.

When five influential figures lean into a shared jewellery direction in a single evening, it signals more than styling coincidence — it signals a shift. This year’s BAFTA jewellery mood moved away from classic icy white brilliance toward warmer champagne-toned natural diamonds that photographed with softness, glow and depth under flash photography.

At the 79th British Academy Film Awards in London, the jewellery story arrived not with spectacle but with tonechampagne, honey, cognac, brown and whiskey hues defining the visual language of the carpet. Across appearances, Desert Diamonds emerged as a consistent signature, favouring warmth and dimensionality over high-contrast sparkle.

Gillian Anderson

Gillian Anderson led this direction wearing asymmetric brown and white diamond earrings by Ara Vartanian, paired with sculptural rings that complemented rather than dominated her look. Nathalie Emmanuel followed in elongated drop earrings punctuated with brown diamonds, styled alongside a bracelet and rings within the same tonal family, creating a cohesive and deliberate aesthetic.

Audrey Nuna

K-Pop Demon Hunter star Audrey Nuna introduced a sharper contemporary energy in Desert diamond ear climbers by ANANYA, leaning into structure and precision rather than excess. The brooch revival continued as Rising Star nominee Archie Madekwe paired his custom Dior suit with a white diamond brooch and Desert diamond vintage rings by Ara Vartanian.

Regé-Jean Page

Regé-Jean Page selected a fauna-inspired dragonfly brooch in warm-toned diamonds by Hirsh London, reinforcing the evening’s understated yet intentional jewellery narrative. The message was clear: natural diamonds did not shout — they held the room.

Desert Diamonds are not treated colour stories; their champagne, cognac and honey hues occur naturally, shaped by trace elements and geological conditions deep within the earth. As explored through A Diamond Is Forever, these stones celebrate natural origin and individuality rather than laboratory uniformity.

For years, diamond conversations have been framed through comparison — natural versus lab-grown, tradition versus innovation. What unfolded at BAFTA felt different: less defensive and more culturally embedded. Natural diamonds were not positioned as spectacle but integrated seamlessly into moments audiences were already watching.

Award season traditionally rewards scale — larger silhouettes, brighter stones and louder sparkle — but BAFTA 2026 suggested a new direction defined by precision over excess, tone over glare and architecture over abundance.

Natural diamonds today are increasingly worn not as ceremonial heirlooms but as personal markers, styled with tailoring and integrated into fashion narratives with intention. The philosophy behind A Diamond Is Forever has long centred on rarity, provenance and emotional permanence, and the prominence of warm-toned Desert Diamonds suggests individuality and geological authenticity are becoming the new markers of luxury.

At the BAFTAs, the brilliance remained. It simply did not need to dominate. It held the room.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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