Posted on 09/13/2024 11:40:52 AM PDT by nickcarraway
Plans to float De Beers are overshadowed by waning demand for natural diamonds and their increasingly popular lab-grown counterparts.
A De Beers spokesperson said that the company was currently studying a potential stock market listing and selling the diamond business.
“Both options are very much on the table,” he told the Mail on Sunday.
Most Read on Euro Weekly News
Santander sells minority stake in Polish subsidiary
De Beers diamonds at a crossroads
The Spectator's new owner knows the public wants to read City insider Raj Ray, quoted in the UK media, said this was a challenging time for natural diamonds. Demand from China was in decline, the savings of potential customers in the US had been eroded by inflation, while lab-grown diamonds had undercut prices.
In May 2024, when Anglo American was fighting a hostile takeover bid by its Australian rival BHP, the company announced that it intended to concentrate on its copper and iron ore interests. Meanwhile, it would either de-merge or divest De Beers.
Founded in 1888, De Beers is the world’s leading diamond miner and is owned by the London-based Anglo American mining company although the Botswana government also holds a 15 per cent stake.
Should the estimated £4 billion (€4.7 billion) float go ahead, De Beers would be taking the same route as rival Lucara, which now lists in Botswana, Canada and Sweden.
Perfect meme.
De Beers was evil genius level convincing diamonds are precious and rare. Men have been paying the price for generations.
In the same way the luxury diamond market has allowed bort or industrial diamonds to be sold at below what it costs to mine them.
But now, even at that, the price of manufactured diamonds has dropped below the price of natural bort.
So demand for both luxury and industrial diamonds has dropped below what the market can produce.
Artificial diamond technology keeps getting better and better.
At this point there are very few folks who could tell the difference between high quality artificial diamonds and natural ones.
The fraudsters are having a field day with this stuff.
The local jewelers have really been pushing their “natural diamonds mean love” commercials. Here, honey, I love you enough to force poor African children to work in the mines and fund weapons for warlords.
Bkmk
They need to adapt since demand has dropped and supply has increased.
Become a brewery
DeBeers -—> DaBeers...sell to Ditka and DaBears
There are a number of companies that conduct diamond mining and absolutely claim and swear that their diamonds are not “conflict diamonds” or “blood diamonds”. Apparently, there’s a certification process in place.
Canada has seen an increase in diamond production in the last decade or so. Their diamonds are certified not to be blood or conflict diamonds as well.
Two and a Half Men On Buying An Engagement Ring
3:28
SetHerApart
1.86K subscribers
3.1M views
15 years ago
https://www.youtube.com/watch?v=4KNSMdDuNk0
lab grown diamonds are exactly the same as natural ones. There is no reason to buy a real diamond anymore.
Diamond mining should go the way of the dinosaurs. Why waste so much money diving a huge hole when labs create better quality stones at a fraction of the price. My advice to diamond and other gem merchants is “learn to code.”
Another 20th century tradition disappears.
I guess I can sell my 1972 Mercury Marquis now.
Not to mention if De Beers opened its vaults, diamonds would be worth as much as a lump of coal and less useful.
I was kind of shocked to learn DeBeers was artificially controlling the diamond market, but it makes sense.
THERE IS ONLY ONE MAGNUM
THERE IS ONLY ONE QUIGLEY
THERE IS ONLY ONE TIFFANY’S
THERE IS ONLY ONE DeBEERS
There is a place in Arkansas where you go play for a day looking for your OWN diamonds.
Many are still found.
Pay a flat rate—vs to keep what you find.
My Dad was raised in So Wisconsin.
HE SWORE that diamonds were found there when he was a kid—He was born in 1908.
Well, at least the warlords will still be able to force the children to mine lithium and other minerals for “green” electric cars and solar panels.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.