Editor’s Note
This article has been updated to reflect Anglo American’s latest impairment charge on De Beers, highlighting the persistent challenges in the global diamond market.
Mining giant Anglo American has almost halved the book value of De Beers to $2.3 billion, as the ailing diamond miner reported losses of $511 million for 2025 (compared to $25 million in 2024).
Anglo blamed “ongoing challenging rough diamond trading conditions,” a lower average rough price index, and stock rebalancing initiatives.
This marks the third time in three years that Anglo has taken a pre-tax impairment on De Beers. The company’s book value was $9.2 billion in 2023. This latest cut reduces it from $4.1 billion to $2.3 billion.
According to Anglo’s Year End Financial Report published on 19 February, De Beers’ production for 2025 fell by 12% to 21.6 million carats. Sales volumes increased 17% to 20.9 million carats, while the average per-carat price fell by 7% from $152 to $142. Total revenue increased 6% to $3.5 billion, but underlying EBITDA plummeted from $25 million to a loss of $511 million.
Stock rebalancing initiatives forced sales of high-cost inventory at sharply lower prices, generating $424 million in trading losses. This was exacerbated by persistent weak demand for smaller and lower-quality diamonds.
US tariffs on Indian exports and rising competition from lab-grown diamonds also impacted natural diamond sales.
Duncan Wanblad, Anglo’s CEO, spoke of the company’s plans to sell off De Beers in an earnings call.
He also indicated, for the first time, that the sale might take place in stages.