De Beers

De Beers is implementing significant diamond price cuts due to a shrinking buyers club. A diamond necklace is displayed in a De Beers store in Hong Kong.

Natural diamond firms are adopting blockchain traceability systems to combat competition from lab-grown diamonds and declining prices. De Beers Group, the largest diamond producer, has partnered with the Gemological Institute of America (GIA) to enhance customer trust and establish provenance for diamonds through a blockchain initiative called Tracr.

Angola's minerals minister announced the country will attract mining investment through favorable conditions rather than implementing export restrictions or quotas like other African nations. Angola is also pursuing a minority stake in De Beers that would grant it board representation, while Botswana separately seeks a majority stake in the diamond company.

De Beers faces an approaching deadline for its bid on a diamond mining asset, while Botswana seeks greater control over its resources. The Jwaneng diamond mine in Botswana is central to the ongoing dispute over resource management and ownership rights.

Botswana plans to increase its ownership stake in De Beers, the diamond company that played a key role in helping the country escape poverty. The move represents a significant economic gamble focused on strengthening national control over diamond resources.