Sales slump takes the shine off De Beers as latest diamond auction raises just £250m

At the world’s largest diamond producer, turnover has fallen by more than 40 percent.

De Beers made £250m from its latest diamond auction, down from £360m a year earlier. This comes just weeks after FTSE100 owner Anglo American rejected a £39 billion takeover bid from rival mining giant BHP.

During the takeover battle, Anglo boss Duncan Wanblad said De Beers was one of four companies it wanted to sell or spin off. The strategy was hasty and helped fend off the bid.

There is speculation that it could be listed on the London Stock Exchange for a sum of £4 billion, or sold to a buyer such as a sovereign wealth fund.

De Beers – where actress Lupita Nyong’o, star of Black Panther and 12 Years A Slave, is a global ambassador – has struggled with a decline in sales and prices as the popularity of much cheaper lab-grown stones has declined. increased.

Cook, who has been CEO of De Beers since February 2023, has insisted the company will prosper if it is separated from Anglo, pointing out that the company had achieved “some of our best results” in the 124 years before Anglo took over 12 years ago.

Cook also told the Mail that De Beers was “consciously disconnecting” from Anglo – a nod to the term used by Gwyneth Paltrow and Coldplay frontman Chris Martin when they parted on good terms.