News
Anglo American signals third De Beers write down
Anglo American PLC said it may write down the value of De Beers for the third time in two years, the latest sign of sustained weakness in the global diamond market as the storied mining house struggles to find a buyer for the business.
The London-based miner said it is conducting an impairment review of De Beers that could result in a reduction when Anglo reports full-year results Feb. 20. The potential write down would follow a $2.88 billion impairment in 2024 that reduced De Beers’ carrying value to $4.1 billion, itself coming on the heels of a $1.56 billion write down at the end of 2023.
The successive impairments underscore the diamond industry’s protracted downturn, driven by tepid consumer demand in key markets and growing competition from laboratory-grown stones. Anglo’s difficulties in offloading De Beers—it confirmed Thursday a “structured sale process is currently underway”—reflect buyers’ wariness of the sector’s prospects.
Anglo also slashed De Beers’ 2026 production targets; projecting output of 21 million to 26 million carats compared with a prior forecast of 26 million to 29 million carats. The company said it was aligning production “with prevailing demand,” a euphemism for curtailing supply in hopes of supporting prices.
The diamond miner’s pricing metrics paint a stark picture. De Beers’ rough-price index fell 12% in 2025 on a like-for-like basis. When accounting for stock rebalancing—high-volume transactions at lower margins—the index plummeted 25%. Those discounting efforts dragged the average price down 7% to $142 per carat for the year.
Despite the pricing pressure, consolidated rough-diamond sales rose 9% to $2.98 billion for 2025, while volume surged 23% to 23.9 million carats. The figures suggest De Beers moved more stones at significantly lower prices, a strategy that failed to salvage profitability. Anglo projected negative earnings before interest, taxes, depreciation and amortization for De Beers in 2025.
Full-year production declined 12% to 21.7 million carats, with Anglo citing planned maintenance and cost-cutting measures. Fourth-quarter output fell 35% year-over-year to 3.8 million carats.
Anglo has been working to exit De Beers since fending off a takeover attempt by BHP Group last year. The company is pursuing a broader restructuring that includes spinning off or selling multiple assets. De Beers, once the crown jewel of Anglo’s portfolio, has become a liability amid a structural shift in consumer preferences and oversupply concerns.
The diamond market has been pressured by weak demand in China, rising popularity of lab-grown alternatives, and younger consumers’ shifting spending priorities. Industry executives have warned the downturn could persist as the sector adjusts to new market realities.
Anglo American shares have underperformed the broader mining sector over the past year as investors weigh the company’s transformation plans against commodity headwinds and execution risks.
National News
India Hosts Kimberley Process Intersessional Meeting 2026 In Mumbai
Kimberley Process Meeting Focuses On Monitoring, Compliance and Sustainable Diamond Trade
The Kimberley Process Intersessional Meeting 2026 commenced in Mumbai under India’s Chairship. The meeting, being held from May 11 to May 14, 2026, has brought together representatives from Kimberley Process Participants, Observers, and industry stakeholders from across the world to deliberate on key issues related to the global trade in natural diamonds.
Addressing the gathering, KP Chair 2026, Suchindra Misra, stated that the Kimberley Process has played an important role in supporting peace, protecting livelihoods, and strengthening legitimate diamond trade across producing nations. He emphasised the need to further strengthen trust in the system, enhance cooperation among participants, and ensure that the Kimberley Process remains relevant and effective in a changing global environment.
He also highlighted that natural diamonds represent a sustainable product and that the Kimberley Process continues to remain one of the most progressive certification systems globally.
The Intersessional Meeting will include discussions and meetings of various Working Groups and Committees over the coming days. The deliberations will focus on implementation of the Kimberley Process Certification Scheme (KPCS), monitoring and compliance mechanisms, artisanal and alluvial diamond production, statistics, and measures aimed at strengthening trust in the natural diamond value chain. The proceedings of the Intersessional Meeting will continue till May 14, 2026.
The meeting is also expected to provide an opportunity for Participants and Observers to exchange views on emerging challenges and collaborative approaches for enhancing consumer confidence in ethically sourced natural diamonds.
Senior officials of the Department of Commerce, Government of India, representatives from Kimberley Process Participants, members of the World Diamond Council, Civil Society Coalition members, and other stakeholders are participating in the Intersessional Meeting.
Quote attributed to Kirit Bhansali, Chairman, GJEPC :
“India today stands at the heart of the global natural diamond industry, not only as the world’s largest cutting and polishing center, but also as one of the fastest-growing diamond jewellery markets globally. As an industry, we remain committed to strengthening consumer confidence, promoting transparency, and working together with global stakeholders to ensure that natural diamonds continue to remain a symbol of trust, aspiration, and shared prosperity across the world.
GJEPC, as co-organizer of the Intersessional under India’s Kimberley Process Chairship, is pleased to support this important global platform that will help strengthen confidence, enhance compliance, and reinforce the credibility of the global diamond ecosystem.”
India’s Chairship theme for 2026 focuses on the 3Cs — credibility, compliance, and consumer confidence in the natural diamond sector, with emphasis on strengthening the future of responsibly sourced natural diamonds through constructive dialogue and international collaboration.
The Kimberley Process Certification Scheme (KPCS), established pursuant to the United Nations General Assembly Resolution 55/56 (2000), is an international initiative aimed at preventing the flow of conflict diamonds into the legitimate diamond trade. At present, the Kimberley Process has 60 Participants representing 86 countries, with the European Union and its Member States participating as a single bloc.
India assumed the Chairship of the Kimberley Process on January 1, 2026, reaffirming its commitment to strengthening responsible sourcing, transparency, and sustainability in the global diamond sector. As one of the world’s leading centres for diamond cutting and polishing, India continues to play an important role in advancing the objectives of the Kimberley Process.
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