DiamondBuzz
De Beers’ carrying value to be written down:Anglo American
Anglo American said it expects to write down De Beers’ carrying value for the second year in a row, in response to the industry’s continued weakness.
The London-based miner, which owns 85% of De Beers, wrote in its annual production report that it’s “assessing the impact of diamond market conditions and general fall in demand in China, which is likely to lead to an impairment at the full-year results. We expect full-year 2024 EBITDA for De Beers to be marginally negative.”
De Beers is currently valued at $7.6 billion, following a $1.6 billion write-down last February. Its new valuation will be announced when Anglo releases its 2024 financial results on Feb. 20.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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