DiamondBuzz
Structural challenges continue to weigh on the diamond sector:ICRA
A recent industry report by ICRA highlights a period of significant transition for the Indian diamond sector. While global trade dynamics remain fluid, exporters are increasingly looking toward strategic diversification to ensure long-term resilience against persistent market challenges.
The report indicates that the outlook for cut-and-polished diamonds (CPD) remains negative. This sector continues to face a complex landscape defined by:
- Structural Challenges: Persistent internal hurdles within the supply chain.
- Shifting Demand: Evolution in consumer preferences affecting traditional diamond sales.
- Increased Competition: Growing pressure from international players and alternative products.
The prospective sale of De Beers was clearly on the minds of attendees at this week’s Mining Indaba conference, with Anglo American CEO Duncan Wanblad calling the process “relatively far advanced,” an Angolan minister discussing what his country wants, and former De Beers chief Gareth Penny spelling out his ideas for the company.
Wanblad told the Financial Times that he hopes Anglo’s 85% stake in De Beers will be sold sometime this year, with the buyer most likely some form of public-private partnership. Any deal will “almost certainly” include Botswana boosting its current 15% stake in De Beers.
Meanwhile, Paulo Tanganha, national director of mineral resources for a different diamond-producing nation, Angola, told Reuters that his country hopes to purchase 20% to 30% of De Beers, a change from previous reports that Angola was seeking majority ownership.He declined comment on how Angola would fund its stake.
Also during the Cape Town conference, Penny—who is involved with one of the groups that hopes to purchase De Beers—was of the opinion that the diamond industry needs a big global leader, and that it needs to be De Beers.
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