Mark Cutifani, the former chairman of De Beers Group and CEO of Anglo American, has joined Diamond Standard’s board of advisers.
Diamond Standard, founded and headed by tech entrepreneur Cormac Kinney (husband of designer Mimi So), aims to turn diamonds into a market-traded asset.
Cutifani headed Anglo American from 2013 to 2022, during which time its stock price hit record highs. Anglo American owns 85% of De Beers, with the government of Botswana owning the other 15%.
Before taking over Anglo, Cutifani was CEO of another Anglo division, Anglo Gold. He also served on the World Gold Council when it developed the first gold exchange-traded fund (ETF). He is currently chairman of Vale Base Metals.
His appointment to Diamond Standard’s advisory board “coincides with the company’s ambitious plans to launch listed financial products for diamonds, finally enabling investors to diversify into an underallocated asset with significant upside potential,” the company said in a statement.
“Mark’s global perspective and experience will help us to apply our technology to unlock other natural resources as investable assets,” said Kinney in the same statement.
(Photo courtesy of Diamond Standard)
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