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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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Mohar Fine Jewels x Gemfields : From Florals To Geometry, Coloured Gemstones Take New Forms

The Latest Collection Pairs Gemfields’ Zambian Emeralds and Mozambican Rubies With Mohar Fine Jewels’ Craftsmanship Across Bold, Floral and Contemporary Designs. 

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With a three-generation legacy in fine jewellery, Mohar Fine Jewels has built its expertise around natural gemstones, with emeralds being a particular focus for the family. The latest additions to the partnership with Gemfields bring together Zambian emeralds and Mozambican rubies across individual designs that play with floral forms, geometric silhouettes and statement proportions.

The new pieces look at coloured gemstone jewellery through a more expressive lens, with the gemstones often taking centre stage rather than being treated as accents. The Ruby Droplet Earrings, for instance, use 33.69cts of Gemfields Mozambican rubies with 4.78cts of diamonds, creating a bold red statement in 18k gold. On the emerald side, the Emerald and Diamond Blooming Studs bring together 18.30cts of Gemfields Zambian emeralds with 4.07cts of diamonds, translating the idea of a bloom into a more defined, sculptural silhouette.

The Emerald and Diamond Earrings make a statement through scale, featuring 51.59cts of Zambian emeralds alongside 8.96cts of diamonds. A more structured take comes through in the Emerald and Diamond Studs, which pair 7.36cts of Zambian emeralds with 0.965cts of diamonds. Meanwhile, the Emerald and Yellow Diamond Studs introduce a contrasting play of colour, centred around a 25.6ct Zambian emerald with 3.09cts of diamonds. The Ruby Blossom Necklace takes the floral inspiration in another direction, using a blooming silhouette to frame the deep red of Mozambican rubies.

Across the pieces, the designs move between statement and more wearable silhouettes, making coloured gemstones the defining element for occasion dressing while bringing together Mohar Fine Jewels’ craftsmanship and Gemfields’ Zambian emeralds and Mozambican rubies.

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