Latest news with #DeBeers'
TimesLIVE
13-08-2025
- Business
- TimesLIVE
De Beers announces kimberlite field discovery in Angola
De Beers' joint venture in Angola has discovered a new kimberlite field, the most common source of mined diamonds, it said on Tuesday, its first such discovery in three decades. The Anglo American unit is jointly exploring for diamonds in Angola in partnership with the country's state-owned diamond company Endiama. De Beers said in a statement the joint venture had hit kimberlite in its first drill hole into a high-priority cluster of targets in July. The company said further drilling, geophysical surveys and laboratory analysis will be conducted over the next few months to confirm the kimberlite type and assess its diamond potential. Kimberlites are a rare rock type that brings diamonds to the surface through volcanic eruptions.
Business Wire
06-08-2025
- Business
- Business Wire
Rapaport Press Release: Tariffs Fuel Volatility in Diamond Prices
LAS VEGAS--(BUSINESS WIRE)--Diamond prices declined for most of July amid uncertainty over US tariffs. Major retailers postponed holiday purchases, creating pressure on prices and inventory following a hike in manufacturing. US dealers raised prices on the final day of the month in response to President Donald Trump's July 30 announcement of 25% duties on Indian imports. The trade began moving inventory to the US ahead of August 7, when the new rate goes into effect. The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 1.4% in July. Smaller diamonds saw a sharper downturn amid a growing oversupply: The index for 0.30- and 0.50-carat stones declined 3.3% and 4.7% respectively. Larger stones enjoyed more stability, with the 3-carat RAPI slipping 0.3%. Prices of round, 1-carat, D to J, SI diamonds slid 4.6% during the period. Production in India increased from February through June. Steady quantities of fresh goods have entered the market in the past two months. Inventories of rounds under 1.20 carats have risen sharply, prompting suppliers to reduce prices as a way of generating sales. De Beers' policy of offloading rough at slimmer margins enabled manufacturers to sell polished profitably at low prices. De Beers reported an underlying loss of $245 million for the first half of 2025, compared with a $73 million profit a year earlier. Small miners cut output and workers, reflecting pressure on the sector. Demand for elongated fancy shapes remained strong in July. Prices were stable in most categories. Goods of 2 carats and larger were in short supply. Independent US jewelers enjoyed steady sales and took on new memo goods. However, the larger retailers delayed their seasonal purchases because of the tariffs and a more cautious approach to inventory. They are also shifting further toward synthetics.
Hans India
27-07-2025
- Business
- Hans India
Diamonds losing glitter as global demand declines
DeBeers is learning the hard way. The miner, owned by the multi-national Anglo American, has been synonymous for decades with the $80 billion global diamond industry. But today, with a slowdown in demand and a stockpile of $2 billion worth of roughs, Anglo American is considering a second write down after cutting DeBeers' valuation by $1.56 billion last year. It is also actively scouting for a buyer. For India's labour intensive diamond cutting and polishing industry all this is bad news. Anglo American has reduced DeBeers' 2025 production plan by 10 million carats to reflect 'challenging rough-diamond trading conditions,' it said in its fourth-quarter operational report. The company's 2024 earnings before interest, taxes, depreciation, and amortization (EBITDA) will be 'marginally negative,' the parent company projected. It has been a crisis year. Sales for calendar 2024 fell 25 per cent to $2.72 billion. The average price index, which tracks like-for-like rough prices at sights across the entire year, fell 20 per cent compared with 2023. The company is facing an inventory crisis with stock worth of $2 billion piling up, the largest since the 2008 meltdown. The downturn has reduced production by 22 per cent to 24.7 million carats in 2024, and cut its outlook for 2025 to between 20 million and 23 million carats, compared with an earlier forecast of 30 million to 33 million carats. The diamond industry is no stranger to boom-and-bust cycles, but what the takeaway from the DeBeers saga is there is a significant and permanent change for the worse. The trickle of lab-grown diamonds has become a flood, rapidly squeezing out natural stones, especially in fashion jewelry and low-end engagement rings. There has been a steady fall in the production of rough natural diamonds. The Argyle mine in Australia is depleted, and major mines in Canada are also nearing exhaustion. The ban on trade of Russian diamonds as a part of the Ukraine sanctions imposed by the West has knocked out a major source of roughs. Russia produced 37.3 million carats in 2023, or roughly 35 percent of the global production. This has resulted in natural diamond production diving to 111.5 million carats, an eight per cent drop from 2022, and a 20 percent drop in value, the lowest level since the Kimberley Process began publishing data. Despite the lower supply, the average price of a diamond fell 14 per cent to $114 per carat. On the other hand, the growth of the laboratory grown diamond is robust. From market sales valued at $22.79 billion in 2023, lab-grown diamonds are expected to grow to $74.45 billion by 2032. The growth projection for Indian lab-grown diamonds is $1,192.3 million by 2033 from $299.9 million in 2023 with the corporate backing of Tata Group's Trent and Senco Gold and Diamond. Pandora, the world's largest fashion jewelry company, too has launched a lab-created diamond line. For decades, the jewellery industry has been defined by the phrase 'A Diamond is Forever'. This iconic slogan, created by copywriter Frances Gerety in 1947, has shaped the world's perception of Diamonds – they're eternal, durable, and always available.
Fashion Value Chain
21-06-2025
- Entertainment
- Fashion Value Chain
Arjun & Myra Rampal Celebrate Fatherhood with Diamonds
This Father's Day, De Beers Group brings forth a heartfelt tribute to the evolving father-daughter dynamic through an intimate campaign featuring actor Arjun Rampal and his daughter Myra Rampal. Titled 'She Raised Me Too,' the campaign captures the nuances of modern fatherhood — where love, trust, and individuality flourish in equal measure. The campaign centers around a symbolic moment: Myra's second ear piercing, adorned with a natural diamond solitaire, representing self-expression, independence, and shared growth. What once was considered a sign of rebellion now becomes a celebration of autonomy, with fathers like Arjun proudly supporting their daughters' choices. 'She's always been her own person,' shares Arjun. 'But what's beautiful is how she lets me be part of her journey — not just as a dad, but as a friend, a student, and sometimes, a little lost until she shows me the way.' In a tender reel titled 'Raising Dads', the duo reflects on the ways daughters shape their fathers — from decoding nude lipstick shades to understanding emotional space. It ends with a heartfelt gesture: Arjun gifting Myra natural diamonds for her piercing, turning a moment of choice into one of cherished memory. The campaign, launched via @HeeraHaiSadaKeLiye on Instagram, highlights De Beers' ethos of capturing personal milestones through natural diamonds — eternal tokens of love, legacy, and transformation. This Father's Day, De Beers invites families to celebrate love that evolves, sparkles, and grows — naturally.
Miami Herald
11-05-2025
- Business
- Miami Herald
Major jewelry player pulls the plug on distressed brand
The luxury jewelry space has always been about tradition, scarcity, and sparkle. But in recent years, one major player tried to break that mold. It launched something new - something that challenged long-held beliefs about what makes a diamond valuable. Related: Birkin bag maker faces major problem At first, it looked like a bold move that could disrupt the entire industry. The pricing was transparent, the positioning was fresh, and the market seemed ready for change. Don't miss the move: Subscribe to TheStreet's free daily newsletter But now, less than a decade later, that experiment is coming to an end. De Beers is shutting down Lightbox, its moonshot jewelry brand that bet big on factory-made diamonds. What started as a fresh take on sparkle is ending with a hard pivot back to tradition. Launched in 2018, Lightbox was De Beers' attempt to draw a bold line between natural diamonds and their lab-made counterparts. The concept? Keep it simple: $800 per carat, no smoke, no mirrors. But the shine didn't last. Lab-grown prices tanked - plummeting up to 90% at wholesale - and the space got overrun with cheap stones from China and discount bins at U.S. supermarkets. Related: Top luxury fashion brands just made a quiet change "Lightbox has helped to highlight the fundamental differences in value between these two categories," said De Beers CEO Al Cook. "We expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector." Translation? De Beers is out. And it's reportedly looking to offload what's left of Lightbox - inventory, assets, and all. The decision to wind down Lightbox is a key piece of De Beers' "Origins Strategy," a plan aimed at trimming the fat and leaning into what works: rare, high-margin natural diamonds. But synthetic diamonds aren't going away. They're just moving from jewelry counters to circuit boards. De Beers' Element Six division, which used to supply Lightbox, will now go all in on industrial and tech applications, such as semiconductors and quantum tech. The company plans to ramp up production at its sleek Oregon facility and team up with a global roster of innovators in high-growth sectors. With 70+ years of experience, Element Six wants to turn diamonds into something more powerful than a status symbol. In De Beers' view, the future of man-made diamonds isn't about sparkle. It's about speed, precision, and cutting-edge tech. And if you ask them, the real bling is now in the labs. With lab-grown stones losing their shine in the jewelry case, De Beers is betting their next big value play will be in high-tech labs - not on ring fingers. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
