Waking Up From a Deep Sleep - June 26th, 2025

This month, there are two key natural diamond developments. First, there is interest in the acquisition of De Beers. Second, there is progress in natural diamond marketing. 

Anglo American reports that an Indian billionaire, who used to be the largest stockholder of Anglo American, is part of a large group preparing to bid for De Beers. There is also talk that De Beers sightholders, KGK and Kapu Gems, are each preparing offers on behalf of two different consortiums. 

Bloomberg reports that the Australian mining magnet, Michael O’Keeffe is entertaining a bid for De Beers and, Bruce Cleaver, the immediate past CEO of De Beers, has organized a group of interested buyers. Gareth Penny, also an ex-powerhouse and CEO of De Beers, is fronting for a Qatari investment fund.

The next key development sees the diamond industry waking up from a deep ‘Rip Van Winkle’ sleep. A global natural diamond marketing initiative has been percolating, below the surface, for about a year. It bubbled-up last week in the city of Luanda, country of Angola. Government representatives from the major African diamond producing countries, Botswana, South Africa, Namibia, Lesotho, Sierra Leone, the Democratic Republic of Congo, as well as India, and the major diamond trade associations, the Antwerp World Diamond Centre, India’s Gem and Jewellery Export Promotion Council, The Dubai Multi Commodities Centre and De Beers unveiled a marketing plan, to which all parties have signed and pledged support.

The agreement is called the Luanda Accord, and finally, natural diamonds have an ‘Industry Consolidation’ that will co-fund global marketing. 

I have mentioned this plan in previous broadcasts, and I honestly thought that it had died on the vine. The crux of the agreement is that all signatories pledge 1% of the value of their rough and polished diamond sales. The proceeds will be collected by governments or trade governing bodies and given to the Natural Diamond Council, to be used for the sole purpose of promoting natural diamonds. Angola has already given eight million dollars, representing their 1% contribution for the first 6 months of this year. De Beers matched Angola with another eight million dollars.

The Luanda Accord will raise a great deal of money! The agreement replaces fragmented diamond marketing with ‘collective action’. It is estimated, that when completely integrated, 50% of the funds collected will come from rough diamond trading and the other 50% will come from the polished diamond trade. 

The reverberations from the signing of this agreement are being felt throughout our diamond world! It’s like a shot of adrenaline. In case you didn’t notice, I’m just loving this agreement.

 It’s about time!