De Beers' stockpile of rough diamonds is bigger that at any time since the 2008 financial crisis, according to a Financial Times (FT) report .The troubled miner now has inventory worth a reported $2bn, as a result of weak diamond, especially in China, the lockdown legacy and competition from lab growns.
De Beers saw Q3 revenue slump by over three quarters, down from $899m in 2023 to just $213m.It held just one sight during the quarter, rather than the usual three, and it faces an uncertain future as parent company Anglo American plans a sell-off or IPO.
First half revenues dropped to $2.2bn, down from $2.8bn year-on-year. De Beers has reportedly lowered rough prices at its last sight of the year, earlier this month, by as much as 15 per cent in some cases.
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