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Anglo American Reports $2.9 Billion Impairment Charge on De Beers Amid Market Struggles

De Beers’ 2024 results show significant declines in production and revenue due to ongoing challenges in the rough diamond market, with cautious outlook for 2025.

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De Beers has faced a significant setback in its 2024 financial performance, reporting a 22% drop in rough diamond production to 24.7 million carats, down from 31.9 million carats in 2023. This decline reflects the company’s strategic response to a difficult market, where inventory levels remain high, and consumer demand, particularly in China, has been sluggish. Revenue also took a major hit, falling 23% to $3.3 billion, largely due to a 25% reduction in rough diamond sales. Despite these challenges, the average realized price of diamonds slightly rose, driven by sales of higher-value stones.

The downturn in production and sales also resulted in a negative EBITDA of $(25) million, compared to $72 million the previous year. De Beers cited a 20% drop in the rough price index and higher operational costs due to the reduced output. Looking ahead, the company expects continued challenges in 2025, with production forecasts set between 20-23 million carats. Although demand remains subdued, especially in key markets like China, De Beers is optimistic about moderate rough price growth in the medium term, driven by planned production cuts and a potential recovery in demand.

In addition to the financial challenges, De Beers announced a $2.9 billion impairment charge to Anglo American’s carrying value of the company, largely due to macroeconomic factors and sector-specific difficulties. As part of its strategy to navigate the downturn, De Beers is focusing on cost reduction and streamlining operations, with a particular emphasis on its natural diamond offerings. The company also secured a new 10-year sales agreement with Botswana and a 25-year extension on its mining licenses, ensuring continued access to critical diamond reserves.

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74th Bangkok Gems & Jewelry Fair Set for September 2026 with Expanded Global Showcase

Stronger Participation, Wider Sourcing Opportunities, and Enhanced Exhibition Space Position the Fair as a Key Platform for Global Jewellery Trade

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The 74th edition of the Bangkok Gems & Jewelry Fair is scheduled to take place from September 8–12, 2026, at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, building on the strong momentum of its previous edition.

The 73rd edition recorded an impressive THB 4.75 billion in trade value and attracted over 40,000 visitors from 118 countries, reinforcing the fair’s position as a global sourcing hub for the jewellery industry.

This year, organisers have expanded the exhibition footprint to cover the entire QSNCC venue, including Halls 1–8 and Plenary Halls 1–4, with the addition of Plenary Hall 3. The move aims to accommodate growing exhibitor demand and improve navigation across product categories.

For jewellery retailers, the fair offers access to a diverse supplier base, spanning loose gemstones, finished jewellery, and manufacturing services. It also enables connections with OEM and ODM partners, supporting the creation of customised collections tailored to regional markets and pricing strategies.

Positioned within Thailand’s well-established gemstone and jewellery manufacturing ecosystem, the event provides opportunities to explore competitive sourcing, diversify supply chains, and gain insights into global trends.

With its broad product mix, international participation, and strong industry relevance, the upcoming edition is expected to support inventory planning, supplier discovery, and business expansion for jewellery retailers worldwide.

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