Business Insider Africa·2 min read·medium
How Africa's diamond giant, De Beers fell from an $18 billion empire to a $1 billion sale
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De Beers, once a dominant force in the diamond industry, is reportedly facing a potential sale to the Global Diamond Consortium for $1 billion. This marks a significant decline from its previous $18 billion valuation.
The potential transaction would transfer the iconic diamond producer to the Global Diamond Consortium (GDC), an investment vehicle led by former De Beers Chief Executive Officer Gareth Penny. According to Bloomberg, the proposal envisages participati... [4011 chars]
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