Mining giant BHP has walked away from a last-ditch attempt takeover bid for Anglo American, parent company of De Beers.
It announced on Sunday (23 November) that it was “no longer considering a combination of the two companies”.
Melbourne-based BHP made hostile bids for Anglo in April and May 2024, both of which failed.
The move prompted loss-making Anglo to start streamlining its operations, to divest some unprofitable activities, including its diamond division, De Beers and to focus on copper and other money-making assets.
Anglo had hoped to complete the sale of De Beers by the end of this year, but despite intense interest, from the Botswana government among others, that has yet to happen.
BHP renewed its bid primarily to disrupt Anglo American’s planned $53 billion merger with Canadian miner Teck Resources, which is expected to go ahead on 9 December
De Beers Global Sightholder Sorting a parcel of rough diamonds over a light box using a hand loupe.
Angola has signalled its intention to buy back the 85% stake in De Beers currently held by Anglo American, in a move that has immediately captured global industry attention. The proposal, made through Angola’s state-owned diamond company Endiama, comes at a time when the diamond sector has struggled to regain momentum after the downturn that began in 2022.
The announcement positions Angola decisively on the world stage. The country produced 10.7 million carats in the first nine months of the year and is targeting a record 14.8 million carats by 2025. According to the Kimberley Process, Angola’s expected 14 million carats in 2024 place it above Botswana in rough-diamond output for the first time in two decades. This surge, driven by the vast Catoca open-pit mine and other major deposits, underscores Angola’s long-term strategy of advancing local beneficiation and resource industrialisation.
Against this backdrop, Endiama has formally expressed interest in acquiring Anglo American’s controlling stake as the parent company restructures and divests assets following its 2024 strategic review. Should the transaction proceed, it would mark one of the most consequential ownership shifts in the diamond industry’s modern history.
Complicating the landscape is Botswana’s position. The country currently holds the remaining 15% stake in De Beers and announced in September its intention to increase its shareholding to more than 50%. Botswana relies heavily on diamonds, which account for roughly one-third of government revenue and 80% of exports, while Angola is seeking to reduce dependence on oil through expansion of its mining sector.
The implications of an Angolan takeover are far-reaching. De Beers remains one of the world’s most influential suppliers of rough diamonds, with 2024 revenues of US$2.7 billion and a valuation near US$4.9 billion. Its sales cycles, production planning, and market guidance shape between one-quarter and one-third of global rough supply, giving the company significant influence over pricing, availability, and the high-end jewellery pipeline.
A shift in control could potentially redirect more value-added processes to Africa, including sorting, cutting, and polishing — areas historically dominated by centres outside the continent. Increased localisation could boost employment, strengthen regional economies, and reshape supply-chain dynamics at a time when Botswana has reduced output and seen fiscal pressure rise, while Angola’s production profile continues to accelerate.
However, questions remain. Angola has stated that the acquisition would not be funded through its national budget, leaving the structure and financing mechanism yet to be clarified. Diplomatic tension with Botswana is another risk factor, particularly if competing bids emerge or national interests collide.
On a global scale, the outcome could introduce both opportunity and volatility. Greater African control over rough supply may support local markets, but the broader diamond industry continues to face challenges, including subdued demand, geopolitical instability, and mounting competition from lab-grown diamonds, which have disrupted consumer expectations and pricing patterns.
If Angola’s bid succeeds, it would mark a historic realignment of influence within the natural-diamond sector — one with the potential to reshape trade flows, pricing dynamics, and the strategic balance of power for years to come.
De Beers has unveiled its largest natural diamond campaign in over a decade, reaffirming the beauty, rarity, and authenticity of natural diamonds in an era where lab-grown stones are increasingly prevalent.
The new campaign, titled “Unlike Anything,” introduces Desert Diamonds — a collection inspired by the natural hues of the desert, showcasing warm, earthy tones that celebrate individuality and the timeless connection between nature and human emotion.
As mass-produced, lower-cost lab-grown diamonds continue to gain market share, De Beers’ message is clear: natural diamonds remain unmatched — each one a product of geological wonder, billions of years in the making, and entirely unique.
According to De Beers, research found that 90% of consumers expressed interest in purchasing a Desert Diamond as a distinctive expression of style and a symbol of connection with nature. The campaign positions these desert-inspired shades as markers of authenticity, highlighting how the nuances in colour reflect the natural beauty and individuality of each stone.
“With Desert Diamonds, the ancient sands of time meet today’s zeitgeist for authentic beauty,” said Sandrine Conseiller, CEO of De Beers Brands. “Natural diamonds are unique and rare – no two are the same. Their colours have been forged by nature and perfected over billions of years.”
The growing appreciation for warmer diamond tones has also been influenced by high-profile figures such as Taylor Swift, whose engagement ring features a vintage old mine-cut diamond with a soft “candlelight glow,” as well as Kim Kardashian and Doja Cat, both of whom have embraced the desert-diamond aesthetic.
Industry analysts note that De Beers’ strategy goes beyond aesthetics. Chandler Mount, founder of Affluent Consumer Research Company, commented:
“Desert Diamonds mark a shift from diamonds as objects to diamonds as identity. De Beers isn’t just selling colour — they’re selling character. This is white space strategy executed with emotional intelligence.”
For the DCLA (Diamond Certification Laboratory of Australia), which upholds the highest standards in natural diamond grading and certification, De Beers’ campaign reinforces a vital message: authentic natural diamonds remain irreplaceable — not only for their enduring beauty, but for the story each stone carries within it.
De Beers Group, the global diamond mining leader, has announced the closure of its lab-grown diamond (LGD) jewellery brand, Lightbox, marking a strategic pivot back to natural diamonds. The decision comes as part of the company’s broader Origins Strategy, launched in May 2024, to streamline operations and prioritise high-return business areas.
End of the Road for Lightbox
Launched in 2018, Lightbox was positioned to differentiate lab-grown diamonds from natural ones by offering transparent linear pricing at $800 per carat. However, the LGD market has undergone significant change. Wholesale prices for lab-grown diamonds in the jewellery sector have dropped by around 90%, pushing the market toward a cost-plus pricing model. This sharp decline in value has ultimately led De Beers to discontinue Lightbox.
In addition to market pressures, De Beers cited weakening demand and uncertainty around tariffs as contributing factors behind the closure. Discussions are currently under way for the sale of Lightbox’s assets, including its remaining inventory.
Reaffirming Commitment to Natural Diamonds
Al Cook, CEO of De Beers Group, emphasised that the decision to close Lightbox reflects the company’s long-term strategy to focus on natural diamonds, where brand heritage and enduring value remain strong.
“The persistently declining value of lab-grown diamonds in the jewellery market underscores the growing distinction between factory-made stones and natural diamonds,” Cook said. “Global competition, especially from low-cost Chinese producers, and falling prices driven by US supermarkets, show that prices are likely to continue dropping. Lightbox played a role in clarifying the difference in value between lab-grown and natural diamonds.”
De Beers plans to reinvest resources from Lightbox into marketing campaigns and initiatives that enhance the global appeal of natural diamonds.
Support for Customers and Partners
As Lightbox operations wind down, De Beers will ensure a smooth transition for employees, suppliers, retail partners, and other stakeholders. Warranties and after-sales services for existing Lightbox purchases will continue to be honoured during the closure period.
Synthetic Diamonds to Power Innovation
While De Beers exits the LGD jewellery space, it remains invested in the future of synthetic diamonds in industrial and technological applications. Element Six, a De Beers subsidiary and former supplier to Lightbox, will continue developing lab-grown diamond solutions for sectors such as semiconductors, optics, and quantum technology.
Element Six will centralise its chemical vapour deposition (CVD) production in Oregon, USA, as part of its plan to strengthen global partnerships and fuel innovation across high-tech industries.
A leading auction house was shocked to discover a pink diamond it planned to sell was actually a fake.
The gem was sent to the Institute of Diamonds – the De Beers diamond grading and verification division – ahead of the sale.
It was examined there and found to be a forgery, De Beers CEO Al Cook said in a LinkedIn post to his 42,500 followers.
“At first glance, the stone looks beautiful. It even has an inscription on the side which claims its a diamond,” he said.
But a combination of experts and sophisticated detection machines confirmed the stone was not actually diamond.
“As soon as our team looked at the stone, they suspected it was a fake,” said Cook in a follow-up to his original post.
“The certification inscription on the side had led the auction house to believe it was real.”
He also said: “Our team was quite excited to see this extraordinary stone and actually very sad when it turned out to be a fake.
“Luckily the fraud was stopped before an auction customer paid a vast sum of money!”
Cook didn’t provide further details, and De Beers declined to elaborate.
In his original post Cook said: “Henry Smith from our Institute of Diamonds confirmed that this pink stone was a forgery. ‘It had even been lasered with a fake inscription’.
“Henry explained that the auction house was shocked, but ‘cases like this emphasise the critical role of advanced detection technologies’.”
Cook also said in his post that De Beers was ramping up production of DiamondProof, the verification device aimed specifically at retailers that was showcased at JCK last year and which is now available in the US.
He said it can distinguish a natural diamond from a lab-grown or moissanite in a few seconds.
The diamond world is facing fresh turbulence following the U.S. government’s decision to impose tariffs on imported diamonds — a move that De Beers CEO Al Cook says does nothing to support American jobs or the economy.
In an exclusive interview with the Financial Times, Cook made it clear: “There are no U.S. diamond mining jobs to protect.” He stressed that these tariffs don’t create employment or benefit the domestic industry — instead, they act as a consumption tax that ultimately punishes the American public.
A Tax on Love, Not a Boost to Industry The U.S. remains the largest market for diamond jewellery, accounting for about half of global demand, yet it has no significant commercial diamond mining of its own. Every diamond on American soil has been imported — meaning the 10% blanket tariff on all imports, introduced by President Donald Trump, hits the diamond trade especially hard.
Unlike many raw materials that were exempt from the tariffs, diamonds were left out, intensifying the impact on a sector already grappling with declining demand and competition from synthetic alternatives.
According to Cook, the result has been immediate: the trade in natural diamonds briefly ground to a halt. The World Diamond Council echoed his warning, stating that $117 billion in annual revenue and over 200,000 U.S. jewellery jobs could be at risk if diamonds aren’t removed from the tariff list.
“Tariffs on diamonds are not protecting American industry,” Cook emphasised. “They’re just increasing the cost of engagement rings, anniversary gifts, and other sentimental purchases.”
Global Trade Routes Disrupted What makes diamonds unique is their complex, high-value supply chain. They’re small, easy to transport, and often pass through multiple countries — from mines in Botswana and Angola, to polishing hubs in India, and finally into U.S. jewellery stores. Tariffs disrupt that finely tuned system.
This comes at a particularly sensitive moment for De Beers, as parent company Anglo American prepares for a sale or initial public offering (IPO) of the diamond giant. Despite industry challenges, De Beers is pushing ahead with IPO plans that could launch by early next year.
But the company is feeling the pain too: first-quarter revenue dropped 44% year-on-year to $520 million, reflecting both lower prices and reduced demand. Anglo American has also written down De Beers’ value by $4.5 billion over the past two years.
Hope on the Horizon? Still, Cook remains optimistic. He believes that over time, U.S. tariffs on diamonds will be lifted. The American government has already granted tariff exemptions for items like smartphones and car components, and Cook is confident natural resources like diamonds will follow suit.
Adding to that optimism are positive developments in U.S.–India trade talks. India polishes over 90% of the world’s diamonds, making it a key link in the supply chain. A favourable trade agreement between Washington and New Delhi could ease the pressure and offer the diamond sector a much-needed reprieve.
In the end, the message from De Beers is clear: Tariffs on diamonds don’t help American workers or industry — they just make life more expensive for consumers. As negotiations progress and the global market adjusts, the diamond world will be watching closely to see whether policymakers come to the same conclusion.
De Beers, long associated with the glamour of natural diamonds, is now grappling with a fading shine. The rise of lab-grown diamonds, which have gained popularity among millennial and Gen Z consumers in India and worldwide from the US to China poses a significant challenge.
Lab-grown diamonds offer several advantages: they are 60-75% more affordable than natural diamonds, and as mass production increases, prices continue to drop. Moreover, they share the same chemical composition as natural diamonds and are visually indistinguishable to the naked eye.
India has been emerging as a bright spot for the cut and polished diamonds amidst a slowdown in key markets such as the US and China, Amit Pratihari, managing director, De Beers India told Reuters on Wednesday.
India is the world’s largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally, according to Indian government data.
However, the country’s cut and polished diamond exports fell this year because of weak demand from China and the US, forcing the industry to focus on the growing domestic market that surpassed China last year to become the world’s second-largest.
“China has completely slowed down in the luxury segment … We see India growing very strongly,” Pratihari said in an interview.
De Beers, a unit of Anglo American, is the world’s top diamond producer by value and India’s number one supplier of rough diamonds.
However, there were some early signs of recovery in the US and “big growth” in the Middle East, Pratihari said.
“In next couple of months, we expect recovery,” he said.
Weak exports demand for polished diamonds forced Indian processors to trim imports of rough diamonds by 22% to $7.9 billion during April to December, according to India’s Gem and Jewellery Export Promotion Council (GJEPC).
De Beers is adjusting prices of rough diamonds to support the midstream industry – companies that buy rough diamonds from miners and sell them after cutting and polishing to retailers – in the face of polished diamond prices falling more than those of rough diamonds, he said.
“Miners are controlling the supply so more rough does not come into the market that would put additional pressure on the polished prices. But the pressure on polished prices is in midstream as in retail there is no change,” he said.
India’s cut and polished diamond exports fell by 8.3% to $9.76 billion in April-December compared with the 2023 period, according to GJEPC.
Botswana and De Beers are reportedly on the brink of signing a critical and long-awaited sales agreement that was due for renewal back in June 2023.
Botswana’s new President Duma Boko told reporters last Thursday (23 January) he was hoping it would happen as early as Friday, although as of Sunday (26 January) there was still no confirmation.
Boko, speaking at the World Economic Forum’s annual meeting in Davos, Switzerland, said there was just some “tidying up” left, according to a Reuters report.
The deal, which would see Botswana’s share of diamonds from the Debswana joint venture increase from 25 per cent to 50 per cent over the next decade, was agreed in principle by Boko’s predecessor Mokgweetsi Masisi after he repeatedly threatened to walk away from it.
But the actual deal, with all the small print, was never signed. The deal also extends mining licenses until 2054 and commits De Beers to invest up to $825m over 10 years to help develop Botswana’s economy.
De Beers has reportedly built up its largest stockpile of diamonds since the 2008 financial crisis, with an inventory valued now at roughly $2 billion, according the Financial Times.
“It’s been a bad year for rough diamond sales,” De Beers chief executive Al Cook told the FT, though he did not provide additional details on its inventory.
The diamond giant has faced multiple headwinds in recent years. A slumping Chinese economy, in particular, has been a major drag on demand. Cheaper lab-grown diamonds are also adding pressure.
In a briefing to Bloomberg last year, Cook said his company has been building its stock on the assumption that diamond prices will recover, and that it will be able to sell that supply.
At the end of 2024, that hasn’t materialized. For the first half of this year, De Beers’ sales were down about 20% compared to the same time a year ago.
Still, Cook remains upbeat about a turnaround. “As we go independent, we have the freedom to focus on marketing as hard as we focused on mining,” he told the FT.
“This feels to me like the right time to be driving marketing and getting behind our brands and retail, even as we cut the capital and the spend on the mining side.”
However, a new report from McKinsey gave a less optimistic outlook for diamond miners, suggesting that lab-grown alternatives could one day take over the market.
Earlier this year, De Beers’ parent company Anglo American announced plans to spin off the diamond business either through a sale or an initial public offering.
De Beers says it will further reduce the number of sightholders, in a move designed to build partnerships that “create value”.
The emphasis will be on quality rather than quantity, CEO Al Cook told the Facets 2024 conference in Antwerp yesterday (26 November).
De Beers wrote to its 69 current sightholders last month advising them that a new supply agreement, as of January 2026, would be determined by an objective selection and allocation process. It declined to comment at the time.
“There will be some partnerships around the polished side, some partnerships around the rough side, some partnerships around dealing, some partnerships that go all the way into retail, but every partnership must create value, and that’s really important for all of our industry going forward,” Cook told the conference.
De Beers last reduced the number of sightholders in January 2021, when it introduced new contracts dividing buyers into three categories – dealers, manufacturers and integrated retailers.
The number of De Beers sightholders peaked at around 350 in the 1970s. It had halved by 2001 and was further reduced in subsequent changes to the client structure.
De Beers says it will, for the first time, disclose the country of its diamonds’ origins – Botswana, Namibia, South Africa, or Canada.
The move is designed to meet growing consumer demand for ethical sourcing and transparency, together with a desire to understand the journey of their particular diamond.
De Beers currently sells its rough output to sightholders in aggregated boxes marked only as DTC (Diamond Trading Company) without indicating the country in which they were mined.
It says it will initially provide data on the country of origin for all diamonds over 1.25 carats that are newly registered on its Tracr traceability platform, and over 1.0 carats from January 2025.
De Beers says advanced algorithmic matching enabled by artificial intelligence now allows it to digitally “disaggregate” diamonds to confirm their specific country of origin.
“For the first time in history, we have the technology to provide our customers with the provenance of their diamonds at scale,” said Al Cook, CEO of De Beers Group.
“We know that our clients care deeply about sustainability and want to understand the good their diamonds have done. Our ambition is to offer them the story of every De Beers-sourced diamond, tracing its journey and positive impact from its origin to its crafting.”
Diamond giant De Beers is fully prepared for the expanded G7 restrictions on diamond imports from Russia, which took effect on September 1st. These restrictions now include diamonds weighing 0.5 carats and above, according to Rough&Polished.
De Beers stated that its customers will continue to provide proof of the origin of the diamonds they sell, even as the sanctions now cover rough diamonds weighing 0.5 carats and above, instead of 1 carat and above, as previously stipulated.
The company added that it welcomes the G7’s measures, which stand alongside the diamond industry and diamond-producing nations, aiming to trace the origin of diamonds. “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds, and we are committed to working with the G7, the diamond industry, and our partner governments to ensure there is an effective system put in place,” said De Beers CEO Al Cook.
De Beers has launched an ambitious five-year plan to become the premier jewelry brand worldwide, Diamond World reports.
CEO Al Cook aims to expand De Beers’ retail presence to compete with luxury giants like Tiffany and Cartier. Cook envisions transforming De Beers from a mining-focused company into a leading jewelry house, capitalizing on its rich legacy and market influence.
In an interview with the Financial Times, Cook said: “Diamonds’ future extends far beyond mining. I’m thrilled by the potential to execute our comprehensive strategy, aspiring to establish the world’s most prestigious jewelry maison—a vision that transcends traditional mining company boundaries.”
Central to this transformation is De Beers’ “Origins” strategy, which seeks to drive demand for mined diamonds by appealing to a new generation of consumers. This includes revitalizing marketing efforts and using innovative techniques to enhance the brand’s reach.
A key part of De Beers’ strategy is strengthening relationships with retail partners. Future plans include forming strategic alliances with major retailers, such as Signet Jewelers in the United States and Chow Tai Fook in China.
Anglo American, the $30.7 billion British multinational mining company, just announced plans to divest De Beers, its diamond mining and jewelry subsidiary. Ango American holds an 85% interest in De Beers and the government of Botswana owns the minority share.
“Anglo American is now exploring the full range of options to separate the business in order to set it up for success in unlocking full value, “ Anglo American CEO Duncan Wanblad said in a presentation earlier this week. “This will give both Anglo American and De Beers a new level of strategic flexibility to maximize value for both company’s shareholders.”
Anglo American is fighting a takeover bid from BHP Group, reported by Reuters to be the world’s largest mining company. In a move to shore up the company’s overall value, Anglo American will focus on its cooper, premium iron ore and crop nutrients businesses. Also slated to be divested is its Anglo American Platinum business, both of which will bring profound changes to the roughly $300 billion global jewelry industry.
Advising that Anglo American is considering a number of options for De Beers, be it a sale or IPO, and that it is still working through logistics with Botswana, Wanblad said, “It is a great business and it has fantastic assets and it has an exceptional brands. And therefore on that basis, it really deserves to be together on that set of criteria. How we do this is going to be a journey.”
De Beers CEO Al Cook is more than ready for the next phase of that journey. “For 124 of our 136 years of existence, Anglo American didn’t own the majority of De Beers,” he shared in an exclusive interview from Botswana. Anglo American acquired its majority stake in 2011.
As part of efforts to provide increased provenance across the diamond industry, De Beers plans to bring the first non-De Beers Group goods onto its Tracr platform this year.
The Tracr platform uses blockchain, AI, the Internet of Things and advanced security and privacy technology to track a diamond’s journey from where it is mined and throughout the value chain, providing consumers tamper-proof assurance of where the diamond comes from.
“Our leadership in diamond transparency and traceability continued throughout 2023, underpinned by leading technologies, so that we can increasingly connect consumers with the provenance of their natural diamond and all the benefits it has delivered along its journey,” De Beers CEO Al Cook says in an update to shareholders on the group’s ‘Building Forever’ sustainability goals.
In its ‘Building Forever 2023 Sustainability Report’, published on May 8, De Beers reflects on the sustainability goals it has achieved.
This includes having engaged 5 000 women and girls in science, technology, engineering and mathematics – two years ahead of schedule.
Further, De Beers has agreed to establish a flagship Diamonds for Development Fund, in Botswana; progress key renewable energy projects in support of its emission reduction targets; and scale the development of Tracr.
De Beers reports that it is now registering more than two-thirds of its global production by value on the platform, with 1.5-million individual diamonds registered on the platform during 2023, bringing the total registered on Tracr to two million.
De Beers also opened up the platform to the wider industry, with a number of prominent marketplaces and laboratories, including the Gemological Institute of America and Gemological Science International having joined the platform.
Further, De Beers announced a collaboration with diamond traceability technology company Sarine to focus on recording technologically assured, rough-to-polished diamond traceability, without the need for further physical verification, the diamond miner notes in its sustainability report.
“Tracr and Sarine technology is open to users across the industry and will focus on making digital access to information on diamonds available to Group of 7 officials,” the report states.
In addition, De Beers also launched a “substantially uplifted” Pipeline Integrity (PI) standard, that includes higher expectations and a new melee supplement. The PI standard sets the key criteria for demonstrating segregation and traceability of eligible diamonds from non-eligible diamonds.
“It assesses each entity in the chain of custody, from the point of rough purchase through to the polished sorting office, to help ensure the management systems, policies and procedures are in place to segregate and reconcile eligible diamonds from non-eligible diamonds,” De Beers explains.
In 2023, the group expanded the scope of participants in the PI programme to Tracr participants involved in the handling or the manufacturing process who register polished eligible diamonds on the platform.
This expansion in scope resulted in a 16% increase in the number of entities required to participate in PI, compared with 2022.
Each entity participating in the PI programme must conduct an annual self-assessment and undergo a third-party assessment by SGS – De Beers’ chosen external verifier.
Meanwhile, De Beers is also progressing renewable-energy projects at its operations as part of its emissions reduction efforts.
“We continue our efforts to reduce our carbon footprint in line with our recently validated science-based emission reduction targets and are progressing investments in renewable energy to power our operations,” Cook says.
De Beers has entered into an agreement with Envusa Energy – a joint venture between its parent company Anglo American and EDF Renewables – to wheel 48 MW of wind and solar generated electricity to the Venetia mine, in Limpopo, South Africa, from 2025.
The diamond miner has also completed a prefeasibility study into a 50 MW on-site solar plant to be built at Venetia. A feasibility study into the project is under way and expected to be completed by mid-2025.
Further, De Beers has progressed plans for the development of a 34 MW wind farm at subsidiary Namdeb’s land-based operations, in Namibia. A feasibility study is under way.
In Botswana, Debswana is exploring renewable energy supply options to be developed in partnership with the Botswana Power Corporation or independent power producers.
It also held an inaugural Scope 3 supplier summit, mandating carbon reporting for the company’s sightholders and securing commitments with key suppliers to work on aligned greenhouse gas (GHG) reduction roadmaps.
De Beers has set a target of achieving a 42% decrease in its absolute Scope 1 and Scope 2 GHG emissions, as well as a 25% decrease in its absolute Scope 3 GHG emissions by 2030, with 2021 set as the baseline year.
De Beers is moving its auctions headquarters from Singapore to Botswana in a move designed to streamline its operations and cut costs.
The UK-based miner sells around 10 per cent of its rough, by value, via online auctions to almost 1,000 registered buyers. The other 90 per cent is sold to sightholders.
In a statement the company said De Beers Group Auctions would pause it operations and sales events in the coming months, while the transition takes place.
Last year De Beers postponed its Cycle 5 and 6 auctions amid dwindling demand from Indian manufacturers and in January it introduced a new online “sealed bid” tender called The Offer for some of its rough diamonds.
Al Cook, De Beers Group CEO, said the move would drive cost efficiencies and support the needs of customers.
Last December Anglo American, parent company of De Beers said the diamond miner would have to cut $100m from its annual overheads in the face of ongoing weak demand.
De Beers moved its Sights from the UK to Gaborone, Botswana, in 2013.
It’s 50 years since the world’s largest octahedral diamond was recovered, and even today it remains uncut, unpolished and unsold.
The 616-carat Type 1 yellow diamond, dates back to 17 April 1974 and comes from the Dutoitspan Mine in Kimberley, South Africa, which opened in the 1870s and closed in 2005.
The miner who found the diamond, De Beers employee Abel Maretela, was rewarded with a large bonus and a house.
Al Cook, De Beers Group CEO, was shown the diamond on a visit to Johannesburg, by Moses Madondo, CEO of De Beers Group managed operations.
“I’m a geologist so I love to learn about the history of diamonds even before they were found,” he said in a LinkedIn post.
“This is a Type 1 diamond which means that it was formed around 150 km below the earth’s surface, deep in the mantle, over 1 billion years ago.
“During the Cretaceous period, about 100 million years ago, a kimberlite volcano brought this diamond up to the earth’s surface. Its beautiful yellow colour comes from nitrogen atoms that were trapped inside the carbon lattice when it was forming in the mantle.”
Industry veteran Stuart Brown, who has led multiple diamond-mining companies, will become chairman of the board at Lucapa Diamond Company.
Brown spent 20 years at De Beers, with stints as both interim CEO and chief financial officer. He was also the head of Firestone Diamonds from 2013 to 2018, and CEO of Mountain Province for three years, Lucapa said Monday.
During his time at Firestone, he raised $225 million to develop the Liqhobong mine in Lesotho, Lucapa noted. He is currently a director of Ukrainian iron-ore miner Ferrexpo and of Digby Wells Environmental Holdings, a provider of environmental, social and governance (ESG) consulting services to the mining industry.
In addition, Ronnie Beevor will take a seat on the board. He has experience in investment banking and mining, having been the head of Rothschild Australia. He is currently a director of Canadian iron-ore miner Champion Iron and Canadian explorer Mount Royal Resources. He serves as chairman of gold explorer Felix Gold and has recently retired as chairman of Bannerman Energy.
Meanwhile, Ross Stanley has resigned from Lucapa’s board, the company added.
New findings hold the potential to spark future diamond discoveries.
An international team of scientists, led by the University of Southampton, has found that the breakup of tectonic plates is the main driving force behind the generation and eruption of diamond-rich magmas from deep inside the Earth.
This insight could significantly influence the trajectory of the diamond exploration industry, guiding efforts to locations where diamonds are most probable.
Diamonds, which form under great pressures at depth, are hundreds of millions, or even billions, of years old. They are typically found in a type of volcanic rock known as kimberlite. Kimberlites are found in the oldest, thickest, strongest parts of continents – most notably in South Africa, home to the diamond rush of the late 19th century. But how and why they got to Earth’s surface has, until now, remained a mystery.
The new research examined the effects of global tectonic forces on these volcanic eruptions spanning the last billion years. The findings have been published in the journal Nature.
Southampton researchers collaborated with colleagues from the University of Birmingham, the University of Potsdam, the GFZ German Research Centre for Geosciences, Portland State University, Macquarie University, the University of Leeds, the University of Florence, and Queen’s University, Ontario.
Tom Gernon, Professor of Earth Science and Principal Research Fellow at the University of Southampton, and lead author of the study, said: “The pattern of diamond eruptions is cyclical, mimicking the rhythm of the supercontinents, which assemble and break up in a repeated pattern over time. But previously we didn’t know what process causes diamonds to suddenly erupt, having spent millions – or billions – of years stashed away 150 kilometers beneath the Earth’s surface.”
To address this question, the team used statistical analysis, including machine learning, to forensically examine the link between continental breakup and kimberlite volcanism. The results showed the eruptions of most kimberlite volcanoes occurred 20 to 30 million years after the tectonic breakup of Earth’s continents.
Dr. Thea Hincks, Senior Research Fellow at the University of Southampton, said: “Using geospatial analysis, we found that kimberlite eruptions tend to gradually migrate from the continental edges to the interiors over time at rates that are consistent across the continents.”
Geological processes
This discovery prompted the scientists to explore what geological process could drive this pattern. They found that the Earth’s mantle – the convecting layer between the crust and core – is disrupted by rifting (or stretching) of the crust, even thousands of kilometers away.
Dr Stephen Jones, Associate Professor in Earth Systems at the University of Birmingham, and study co-author said: “We found that a domino effect can explain how continental breakup leads to the formation of kimberlite magma. During rifting, a small patch of the continental root is disrupted and sinks into the mantle below, triggering a chain of similar flow patterns beneath the nearby continent.”
Dr. Sascha Brune, Head of the Geodynamic Modelling Section at GFZ Potsdam, and a co-author on the study, ran simulations to investigate how this process unfolds. He said: “While sweeping along the continental root, these disruptive flows remove a substantial amount of rock, tens of kilometers thick, from the base of the continental plate.”
The typical migration rates estimated in models matched what the scientists observed from kimberlite records.
“Remarkably, this process brings together the necessary ingredients in the right amounts to trigger just enough melting to generate kimberlites,” added Dr Gernon.
The team’s research could be used to identify the possible locations and timings of past volcanic eruptions tied to this process, offering valuable insights that could enable the discovery of diamond deposits in the future.
Professor Gernon, who was recently awarded a major philanthropic grant from the WoodNext Foundation to study the factors contributing to global cooling over time, said the study also sheds light on how processes deep within the Earth control those at the surface: “Breakup not only reorganizes the mantle, but may also profoundly impact Earth’s surface environment and climate, so diamonds might be just a part of the story.”
Reference: “Rift-induced disruption of cratonic keels drives kimberlite volcanism” by Thomas M. Gernon, Stephen M. Jones, Sascha Brune, Thea K. Hincks, Martin R. Palmer, John C. Schumacher, Rebecca M. Primiceri, Matthew Field, William L. Griffin, Suzanne Y. O’Reilly, Derek Keir, Christopher J. Spencer, Andrew S. Merdith and Anne Glerum, 26 July 2023, Nature.
