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De Beers Reportedly Said It Will Cut Up to 35% of Its Sightholders March 24, 2026 (0 comments)
LONDON--De Beers will cut its sightholder network from 70 to about 45 to 50, according to mining.com, which is consistent with what is being reported in other news outlets.
Struggling with the increasing popularity of lab-grown diamonds and the pullback in Chinese luxury spending, De Beers and the overall diamond industry has had a difficult run since the end of the pandemic.
De Beers produced fewer than 22 million carats last year, down from almost 35 million carats in 2022, mining.com reports. De Beers’ parent, Anglo American Plc, is seeking to offload the business and has had to write it down three times in the past three years. The mining conglomerate now values De Beers at $2.3 billion, down from more than $9 billion since 2023.
The sightholders who are being removed haven’t yet been named.
Duncan Wanblad, CEO of Anglo American, reportedly said the process of selling De Beers is at an advanced stage.
Read more on mining.com.