Anglo considers devaluing De Beers further as diamond market weakens

In a statement accompanying the quarterly production guidance issued to stakeholders last week, the mining giant said it is conducting an impairment review of the miner’s carrying value, a move that could result in another write-down when full-year results are released later this month. “The group is undertaking an impairment review of De Beers’ carrying value, assessing the impact of diamond market conditions,” Anglo said in the update. If confirmed, the write-down would follow a $2.88 billion reduction made last year, which lowered De Beers’ carrying value to $4.1 billion.

In late 2023, Anglo had already written down the diamond business by a further $1.56 billion. Anglo American is expected to disclose the final impairment figure when it publishes its financial results on February 20. The company has also revised De Beers’ production outlook for 2026, saying output would be adjusted to reflect subdued demand. Production is now forecast at between 21 million and 26 million carats, down from the earlier guidance of 26 million to 29 million carats. Market pressures were further reflected in pricing. De Beers’ rough-diamond price index declined 12% in 2025 on a like-for-like basis.