It recently cut its rough diamond output forecasts owing to subdued demand and elevated inventory levels after De Beers' total production shrank by 26 per cent to 24.7 million carats last year.
Anglo American shares were 3.4 per cent higher at £24.50 on Thursday morning, taking their gains over the past year to around 42 per cent.
Less value: Anglo American blamed 'adverse macro-economic conditions and industry-specific challenges' for cutting De Beers' valuation for the second successive year.
Anglo American has slashed its valuation of De Beers by $2.9billion as it seeks to offload the iconic diamond brand amid lacklustre demand for the precious stones.
As a consequence of the write-down, Anglo plummeted to a $3.1billion loss in 2024, from a $283million profit the previous year, while its underlying earnings before nasties fell by 15 per cent to $8.5billion.
