Anglo American Expects to Take Another Writedown on De Beers
- De Beers cuts output target for 2025, after marginal 2024 loss
- Diamond industry woes complicate Anglo’s plan to exit De Beers
A De Beers jewelry store in Hong Kong.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
Anglo American Plc expects to take a writedown on its De Beers operations, as plunging diamond sales prompt output cuts and complicate its plan to exit the business.
The company is likely to book an impairment in its full-year results due to deteriorating market conditions, particularly in China, Anglo said in a statement Thursday. That comes after it wrote down the value of its De Beers unit by $1.6 billion 12 months ago. Anglo sees a marginal 2024 loss for the diamond business.