De Beers May Receive Third Writedown in Three Years

By Rob Bates | February 05, 2026

Anglo American said today that it may write down De Beers’ value for the third time in three years.

The diamond giant’s corporate parent said in its fourth-quarter production report that it is “undertaking an impairment review of De Beers’ carrying value, assessing the impact of diamond market conditions, which could potentially lead to an impairment at the full year results.”

It noted that “underlying EBITDA from De Beers is expected to be negative in 2025,” adding that “rough diamond trading conditions continued to be challenging in the quarter amid persistent industry, geopolitical, and tariff uncertainty.”

In early 2024, Anglo wrote down De Beers’ carrying value by $1.6 billion, valuing it at $7.6 billion. A year later, it shaved off another $2.9 billion, leading to the current valuation of $4.1 billion.

Anglo put its 85% share in De Beers up for sale in 2024. In the report released today, Anglo said those “separation efforts” are “progressing.”

(Photo: Getty Images)