De Beers' parent company is considering further reducing diamond production.
Anglo American Resources Group stated on Thursday that it is considering further reducing diamond production, as the industry is suffering from weak demand and supply surplus. The mining giant plans to sell or spin off its De Beers diamond business, which has been impacted by a sharp drop in diamond prices due to weak consumer demand and competition from lab-grown diamonds. Anglo American Resources stated: "Due to higher-than-normal inventory levels in the midstream, the diamond market remains challenging. Therefore, we will continue to evaluate options for future production cuts with our partners." Earlier this year, the company announced plans to exit De Beers as part of.
Would Warren Buffett Invest in the Vanguard Australian Shares Index ETF (VAS)?
Bernstein Maintains BHP Group Ltd(BHP.US) With Buy Rating, Announces Target Price $58
Here's the BHP Dividend Forecast Through to 2027
Sector Update: Energy Stocks Rise Late Afternoon
Why Is the ASX 200 Having Such a Terrible Day?