Minister Gwede Mantashe stands alongside De Beers CEO Al Cook as he admires a diamond at the grand opening of the group's new sightholder facility in Johannesburg in May 2023.As De Beers braces to be spun out of Anglo American amid a portfolio shakeup, the diamond company is rolling out an ambitious new strategy of its own – one with which it hopes to secure its future as a standalone business, and possibly attract the eye of a serious buyer too.
It’s been an exciting time for De Beers, if for all the wrong reasons, when, earlier this year, Anglo American announced a sweeping portfolio review was in the works. Although Anglo has always espoused the attributes of the diamond business, De Beers was ultimately earmarked for divestment. This was announced last month when Anglo rushed out a restructuring plan which successfully thwarted a takeover approach from BHP.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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Anglo ditching De Beers is hard blow for troubled diamond marketThe uncertainty over how a new-look De Beers may operate is spooking some of the industry’s biggest players.
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