DE BEERS
Why diamonds are still Anglo’s best friend
Rampant inflation hasn’t killed appetite for the gems, and De Beers’ place in the Anglo stable is still assured, says new CEO Duncan Wanblad
Diamonds and Anglo American go back more than a century, to the founding of Joburg. Still, the continued presence of the glassy little rocks in a modern-day Anglo deserves some critical attention, if only because they seem at odds with the group’s newfound purpose to supply metals for decarbonisation.
Copper, nickel and even metallurgical coal have a role in making turbines for renewable energy or in electric vehicles. In contrast, diamonds tap into part of the consumer psyche that seems more on a par with Audrey Hepburn in Roman Holiday, or glamorous air travel — a time so distant from the twin cataclysms of global warming and Covid it’s almost hard to conceive...
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