Anglo American sticks with De Beers

Antwerp

MINING group Anglo American has retained De Beers as a prize asset after a radical overhaul in the belief that surging Chinese and Indian demand for diamonds will outstrip dwindling supply even after a 2015 crunch.

The group, in which Anglo American has an 85 per cent stake, has seen its market share fall from over 80 per cent in the 1980s to about a third now, losing its control of supply and unleashing price volatility.