Miningmx·3 min read·medium
Anglo boss admits diamond industry misread lab
S
Staff Writer
✦AI Summary
Anglo American CEO Duncan Wanblad admitted that the diamond industry failed to adequately anticipate the market disruption caused by lab-grown diamonds. As the company prepares to sell its stake in De Beers, it reported a significant drop in rough diamond prices and a cash loss for the unit.
ANGLO American CEO Duncan Wanblad acknowledged De Beers and the wider diamond industry underestimated the disruption caused by laboratory-grown gems, the Financial Times reported on Tuesday .
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