For diamonds, it matters who De Beers hooks up with next
Live MintIs it more romantic to buy a diamond that formed in the bowels of the earth than one grown in a lab? Mining conglomerate Anglo American, which has been a top shareholder in the world’s best-known diamond producer for almost a century, wants to sell or separately list it as part of a radical breakup plan. Diamond industry analyst Edahn Golan says De Beers could attract a trophy-hunting private buyer from the Middle East or a sovereign-wealth fund, but they wouldn’t necessarily have mining expertise. Ideally for the diamond industry, a luxury goods company would buy it and use its marketing flair to make the mined stones shine to young consumers again. “It would be a fundamental change for the industry if De Beers was no longer the steward of natural diamonds," says market analyst Paul Zimnisky.
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De Beers is the jewel in Anglo's crown - lab grown diamonds are no substitute for the real thing: ALEX BRUMMER
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