De Beers is said to be studying business opportunities in the U.S.’ diamond polishing and retail markets after settling lawsuits that kept it away from the biggest gems market for over 60 years.
Bloomberg reports that De Beers paid $295 million to settle the antitrust suits last May
“We couldn’t do business in the U.S. since 1948,” De Beers chief executive Philippe Mellier was quoted as saying.
“That’s clearly one of the avenues we’d like to pursue, to grow the business as De Beers in a much bigger way in the U.S.”
Analysts said that the move by De beers to expand in the U.S., which accounts for about 45 percent of diamond-jewelry sales would be beneficial.
“From a brand perspective I’m sure it will be beneficial,” said Edward Sterck, a mining analyst at BMO Capital Markets. “The U.S., after all, is still the biggest consumer of diamonds.”
Mellier also said that De Beers was also not ruling out the possibility of opening its own diamond cutting and polishing facilities in the U.S.
“Not now but never say never,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
Lyudmila Vysotskaya: Amber is a mystical stone, a living substance
Lyudmila Vysotskaya is a Kaliningrad-based amber artist and designer, expert, chairwoman of the Amber Academy and member of the Creative Union of Artists in Decorative and Applied Arts. This summer, visitors could admire the art works by Lyudmila Vysotskaya...
30 july 2024
