De Beers
Coverage of De Beers in the Nexus archive.
- The Diamond Industry Wants You to Buy "Natural"
Over the past five years, lab-grown diamonds have challenged the diamond industry. Companies such as De Beers are currently battling an increase of synthetic and cheaper gems that are near identical to natural ones.
- De Beers Sale Nears at US$1 Billion, Under a Tenth of 2011
Anglo American is negotiating to sell De Beers for US$1 billion to a consortium led by Gareth Penny. The valuation is significantly lower than the US$12.75 billion reported in 2011.
- Anglo names preferred bidder for De Beers stake
Anglo American selected the Global Diamond Consortium, led by Gareth Penny, as its preferred bidder for an 85% stake in De Beers. Botswana, which holds the remaining 15% stake and pre-emptive rights, is evaluating its participation options, with potential involvement from Angola and Namibia. De Beers announced a two-year production halt at its Venetia mine amid declining rough diamond demand due to lab-grown competition.
- Chinese gem lab rakes in profits as world embraces artificial diamonds
A Chinese lab-grown diamond producer tripled profits in the first half of the year as global demand shifts to cheaper artificial diamonds. De Beers suspended operations at its Venetia mine in South Africa for two years, citing challenging industry conditions due to the rise of man-made gems.
- De Beers halts S. Africa mine output
De Beers has halted production at South Africa’s Venetia mine, its largest diamond mine, due to declining gemstone prices caused by slowing demand and competition from lab-grown stones. The mine produces 40% of South Africa’s diamonds, and real diamond prices have fallen 50% since 2022, prompting De Beers’ parent company, Anglo American, to consider selling the business.
- De Beers to Shutter South African Diamond Mine to Save Cash
De Beers will close its Venetia Diamond mine in South Africa to conserve cash. The mine, located in South Africa, is being shuttered as part of cost-saving measures.
- De Beers Makes Deep Diamond Price Cuts for Shrinking Buyers Club
De Beers is implementing significant diamond price cuts due to a shrinking buyers club. A diamond necklace is displayed in a De Beers store in Hong Kong.
- Natural diamond firms turn to blockchain traceability amid lab-grown competition
Natural diamond firms are adopting blockchain traceability systems to combat competition from lab-grown diamonds and declining prices. De Beers Group, the largest diamond producer, has partnered with the Gemological Institute of America (GIA) to enhance customer trust and establish provenance for diamonds through a blockchain initiative called Tracr.
- Angola backs mining investment, not sales quotas or export bans
Angola's minerals minister announced the country will attract mining investment through favorable conditions rather than implementing export restrictions or quotas like other African nations. Angola is also pursuing a minority stake in De Beers that would grant it board representation, while Botswana separately seeks a majority stake in the diamond company.
- As De Beers Bid Deadline Looms, Botswana Pushes for Control
De Beers faces an approaching deadline for its bid on a diamond mining asset, while Botswana seeks greater control over its resources. The Jwaneng diamond mine in Botswana is central to the ongoing dispute over resource management and ownership rights.
- Botswana prepares to take an even bigger gamble on diamonds
Botswana plans to increase its ownership stake in De Beers, the diamond company that played a key role in helping the country escape poverty. The move represents a significant economic gamble focused on strengthening national control over diamond resources.