De Beers looks ahead to life beyond Anglo

Diamond giant De Beers is looking ahead to a brave new future independent of parent Anglo American, now that the dust has settled on BHP’s failed bid for Anglo. While the company is upbeat about its prospects, there is still plenty of uncertainty about its fate.

De Beers and the diamond industry are only just emerging from a horror year in which demand for diamonds tanked in an environment where huge inventories had built up as consumers held back on luxury spending in tough times. Late last year De Beers took the unprecedented step of allowing its large buyers — the so-called sightholders — not to take up their allocations at all, as they are usually required to do at each sight. The plunge in diamond prices was one of the reasons for Anglo’s profit plunge for financial 2023, as well as one of the factors driving the Anglo share price to levels that made it a prime candidate for a takeover bid…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *