Editor’s Note
Anglo American’s $3.1 billion net loss for 2024 underscores the severe and ongoing challenges within its De Beers diamond unit, which accounted for the bulk of $3.8 billion in asset impairments. This follows a significant write-down in 2023, highlighting persistent sectoral headwinds.
The mining group Anglo American reported a net loss of $3.1 billion for 2024 due to the difficulties faced by De Beers, its subsidiary specializing in diamond extraction and marketing. The mining company stated it recorded asset impairments totaling $3.8 billion, of which $2.9 billion are related to De Beers. In 2023, Anglo American had already taken a $1.6 billion write-down on its diamond unit.
The precious stones market is undergoing a historic crisis that began after the Covid-19 pandemic. Prices have fallen by 50% in two years due to the combined effect of declining demand, particularly in China, and the rise of much cheaper synthetic diamonds. In a context of high inflation, consumers worldwide have cut back on spending on jewelry and have preferred laboratory-grown diamonds.