Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge
In the process, he hopes to rescue his iconic brand—and perhaps the diamond industry as it has existed for more than a century—from an ominous decline.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
3 hours ago
Trump's trip to Scotland as his new golf course opens blurs politics and the family's business
EDINBURGH, Scotland -- Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland's northeastern coast rank among Donald Trump 's favorite spots on earth. 'At some point, maybe in my very old age, I'll go there and do the most beautiful thing you've ever seen," Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire. At 79 and back in the White House, Trump is making at least part of that pledge a reality, traveling to Scotland on Friday as his family's business prepares for the Aug. 13 opening of a new course it is billing as 'the greatest 36 holes in golf." While there, Trump will talk trade with British Prime Minister Keir Starmer, a meeting he's said will take place at 'probably one of my properties.' The Aberdeen area is already home to another of his courses, Trump International Scotland, and the president also plans to visit a Trump course near Turnberry, around 200 miles (320 kilometers) away on Scotland's southwest coast. Using this week's presidential overseas trip — with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters — to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was a key to his appeal with voters. White House spokesperson Taylor Rogers called the Scotland swing a 'working trip." But she added that Trump 'has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.' Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. This time, his trip comes as the new golf course is about to debut and is already actively selling tee times. It's not cheap for the president to travel. The helicopters that operate as Marine One when the president is on board cost between $16,700 and nearly $20,000 per hour to operate, according to Pentagon data for fiscal year 2022. The modified Boeing 747s that serve as the iconic Air Force One cost about $200,000 per hour to fly. That's not to mention the military cargo aircraft that fly ahead of the president with his armored limousines and other official vehicles. 'We're at a point where the Trump administration is so intertwined with the Trump business that he doesn't seem to see much of a difference,' said Jordan Libowitz, vice president and spokesperson for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. 'It's as if the White House were almost an arm of the Trump Organization.' During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics frameworks for Trump's second term allows them. Trump's assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he's in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration continues to negotiate tariff rates for those countries and around the globe. Trump's existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area's cliffs. It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company also was ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers' views. And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals. Trump's company's initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he'd be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged. Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines — a judgment that has grown with interest to more than $510 million as Trump appeals. Family financial interests aside, Trump isn't the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn't play. Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery — then considered vital to national defense. The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn't working hard enough. Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame. Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson's swing was sometimes described as looking like a man trying to kill a rattlesnake. Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House's South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it. Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said. John F. Kennedy largely hid his love of the game as president, but he played on Harvard's golf team and nearly made a hole-in-one at California's renowned Cypress Point Golf Club just before the 1960 Democratic National Convention. 'I'd say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we've had in the White House,' Trostel said. Trump, Trostel said, has a handicap index — how many strokes above par a golfer is likely to score — of a very strong 2.5, though he's not posted an official round with the U.S. Golf Association since 2021. That's better than Joe Biden's handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an 'honest 13.' The White House described Trump as a championship-level golfer but said he plays with no handicap.
Yahoo
5 hours ago
- Yahoo
Trump's trip to Scotland as his new golf course opens blurs politics and the family's business
EDINBURGH, Scotland (AP) — Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland's northeastern coast rank among Donald Trump 's favorite spots on earth. 'At some point, maybe in my very old age, I'll go there and do the most beautiful thing you've ever seen," Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire. At 79 and back in the White House, Trump is making at least part of that pledge a reality, traveling to Scotland on Friday as his family's business prepares for the Aug. 13 opening of a new course it is billing as 'the greatest 36 holes in golf." While there, Trump will talk trade with British Prime Minister Keir Starmer, a meeting he's said will take place at 'probably one of my properties.' The Aberdeen area is already home to another of his courses, Trump International Scotland, and the president also plans to visit a Trump course near Turnberry, around 200 miles (320 kilometers) away on Scotland's southwest coast. Using this week's presidential overseas trip — with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters — to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was a key to his appeal with voters. White House spokesperson Taylor Rogers called the Scotland swing a 'working trip." But she added that Trump 'has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.' Trump family's new golf course has tee times for sale Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. This time, his trip comes as the new golf course is about to debut and is already actively selling tee times. It's not cheap for the president to travel. The helicopters that operate as Marine One when the president is on board cost between $16,700 and nearly $20,000 per hour to operate, according to Pentagon data for fiscal year 2022. The modified Boeing 747s that serve as the iconic Air Force One cost about $200,000 per hour to fly. That's not to mention the military cargo aircraft that fly ahead of the president with his armored limousines and other official vehicles. 'We're at a point where the Trump administration is so intertwined with the Trump business that he doesn't seem to see much of a difference,' said Jordan Libowitz, vice president and spokesperson for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. 'It's as if the White House were almost an arm of the Trump Organization.' During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics frameworks for Trump's second term allows them. Trump's assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he's in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration continues to negotiate tariff rates for those countries and around the globe. Trump's first Aberdeen course has sparked legal battles Trump's existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area's cliffs. It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company also was ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers' views. And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals. Trump's company's initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he'd be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged. Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines — a judgment that has grown with interest to more than $510 million as Trump appeals. Golfers-in-chief Family financial interests aside, Trump isn't the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn't play. Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery — then considered vital to national defense. The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn't working hard enough. Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame. Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson's swing was sometimes described as looking like a man trying to kill a rattlesnake. Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House's South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it. Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said. John F. Kennedy largely hid his love of the game as president, but he played on Harvard's golf team and nearly made a hole-in-one at California's renowned Cypress Point Golf Club just before the 1960 Democratic National Convention. 'I'd say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we've had in the White House,' Trostel said. Trump, Trostel said, has a handicap index — how many strokes above par a golfer is likely to score — of a very strong 2.5, though he's not posted an official round with the U.S. Golf Association since 2021. That's better than Joe Biden's handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an 'honest 13.' The White House described Trump as a championship-level golfer but said he plays with no handicap. ___ Associated Press writer Chris Megerian in Washington contributed to this report. Will Weissert, The Associated Press
Yahoo
5 hours ago
- Yahoo
Trump's trip to Scotland as his new golf course opens blurs politics and the family's business
EDINBURGH, Scotland (AP) — Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland's northeastern coast rank among Donald Trump 's favorite spots on earth. 'At some point, maybe in my very old age, I'll go there and do the most beautiful thing you've ever seen," Donald Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire. At 79 and back in the White House, Trump is making at least part of that pledge a reality, traveling to Scotland on Friday as his family's business prepares for the Aug. 13 opening of a new course it is billing as 'the greatest 36 holes in golf." While there, Trump will talk trade with British Prime Minister Keir Starmer, a meeting he's said will take place at 'probably one of my properties.' The Aberdeen area is already home to another of his courses, Trump International Scotland, and the president also plans to visit a Trump course near Turnberry, around 200 miles (320 kilometers) away on Scotland's southwest coast. Using this week's presidential overseas trip — with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters — to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was a key to his appeal with voters. White House spokesperson Taylor Rogers called the Scotland swing a 'working trip." But she added that Trump 'has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.' Trump family's new golf course has tee times for sale Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. This time, his trip comes as the new golf course is about to debut and is already actively selling tee times. It's not cheap for the president to travel. The helicopters that operate as Marine One when the president is on board cost between $16,700 and nearly $20,000 per hour to operate, according to Pentagon data for fiscal year 2022. The modified Boeing 747s that serve as the iconic Air Force One cost about $200,000 per hour to fly. That's not to mention the military cargo aircraft that fly ahead of the president with his armored limousines and other official vehicles. 'We're at a point where the Trump administration is so intertwined with the Trump business that he doesn't seem to see much of a difference,' said Jordan Libowitz, vice president and spokesperson for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. 'It's as if the White House were almost an arm of the Trump Organization.' During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics frameworks for Trump's second term allows them. Trump's assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he's in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration continues to negotiate tariff rates for those countries and around the globe. Trump's first Aberdeen course has sparked legal battles Trump's existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area's cliffs. It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company also was ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers' views. And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals. Trump's company's initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he'd be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged. Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines — a judgment that has grown with interest to more than $510 million as Trump appeals. Golfers-in-chief Family financial interests aside, Trump isn't the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn't play. Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery — then considered vital to national defense. The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn't working hard enough. Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame. Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson's swing was sometimes described as looking like a man trying to kill a rattlesnake. Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House's South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it. Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said. John F. Kennedy largely hid his love of the game as president, but he played on Harvard's golf team and nearly made a hole-in-one at California's renowned Cypress Point Golf Club just before the 1960 Democratic National Convention. 'I'd say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we've had in the White House,' Trostel said. Trump, Trostel said, has a handicap index — how many strokes above par a golfer is likely to score — of a very strong 2.5, though he's not posted an official round with the U.S. Golf Association since 2021. That's better than Joe Biden's handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an 'honest 13.' The White House described Trump as a championship-level golfer but said he plays with no handicap. ___ Associated Press writer Chris Megerian in Washington contributed to this report.
