Anglo American Writes Down De Beers by $2.9 Billion Amid Market Challenges
Anglo Americans have reduced the value of its diamond subsidiary de Beers by $2.9 billion, marking the second year of such writing. This adjustment reflects ongoing challenges in the diamond industry, including the rise of laboratory-grown diamonds and reduced consumer spending in China. As a result, Anglo Americans reported a net loss of $3.1 billion in 2024, a sharp drop in profits from the previous year. CEO Duncan Wanblad acknowledged market conditions were difficult and said plans to get out could be delayed later this year. The company aims to focus on more profitable businesses such as copper and iron ore mining to strengthen its financial position.
source: guardian
