Why did De Beers sell 15% in 2023?

The 15% uptick in sales marks a significant recovery from the major slump in De Beers sales in the final half of 2023, which saw its rough diamond sales fall as low as $86 million in the ninth cycle of last year, in line with the company’s own efforts to restrict supply to tackle a market glut.

Does De Beers still have a mined-diamond business?

De Beers, which was a pioneer in the business of lab-grown gems via its Lightbox subsidiary, has consistently played down the threat to its traditional mined-diamond business but sustaining that argument became a little harder on Tuesday when it reported a big production fall in the March quarter.

Will De Beers be spun out?

CEO Duncan Wanblad said the plan was to spin out or sell De Beers, but did not go into details about how that would be done. Anglo holds 85% of De Beers while the government of Botswana, where its biggest mines are, owns the remainder.