De Beers, which stretches from mining to marketing and retail, will be divested or demerged “to improve strategic flexibility” for Anglo American.
Duncan Wanblad, chief executive officer of Anglo American, said: “We set out our clear strategic priorities earlier this year: operational excellence, portfolio simplification, and growth. Our decision to focus Anglo American’s portfolio in our world-class resource asset base in copper and premium iron ore … marks a major new phase in executing our strategy.”
Under the Oppenheimers De Beers dominated the 20th century world diamond market, expanding from mining into marketing, retail and branded diamonds under the, De Beers Group’s former executive vice president for brands and consumer markets, said the company’s marketing mission has been to sell the “diamond dream,” to countries around the world.
Over the past 15 years, and under pressure from shareholders, local communities, and activist groups, De Beers has also made strides in sustainability and set ESG goals.
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