Diamonds are not far away, all made in China!
UK media Financial Times: Under the continuous impact of lab-grown diamonds in China, De Beers' diamond empire has collapsed - massive inventory and valuation halved, the company's shareholders have submitted a merger offer!
De Beers once occupied 90% of the global diamond market. But in recent years, it has been struggling under the impact of lab-grown diamonds in Chinese laboratories.
In May 2024, Anglo American Group announced its plan to sell the company, at that time, De Beers was valued at about 8 billion US dollars, now it has continued to plummet by more than half, but the company said it will patiently look for buyers, avoiding damage to actual value due to hasty selling.
The buyer most willing to take over De Beers is Botswana National Fund, which has a large number of diamond mines, has always been the largest source of ore for De Beers. Botswana hopes to increase its shares in De Beers to ensure complete control over this strategic national asset and the entire value chain.
Original text: https://www.toutiao.com/article/1839029087064074/
Statement: The article represents the personal views of the author.