That is awkward for diamond miner De Beers, especially now that it is looking for a new owner. Most Read from The Wall Street JournalThe diamond industry is going through a rough patch, so the timing isn’t great. The world’s biggest luxury company, LVMH, wants to push into fine jewelry and splashed out $16 billion on Tiffany & Co. in 2021. “It would be a fundamental change for the industry if De Beers was no longer the steward of natural diamonds,” says market analyst Paul Zimnisky. Natural diamonds won’t necessarily be forever unless De Beers makes a good match.

Source: Wall Street Journal June 09, 2024 12:51 UTC