De Beers Searches the African Seabed for Diamonds

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An employee inspects unpolished diamonds at the De Beers SA headquarters on Charterhouse Street in London, U.K., on Wednesday, Feb. 1, 2017. Number 17 Charterhouse Street, a fortress in the heart of London, has been De Beers SA’s headquarters since 1979, but the street has been its home since the 1930s. At its peak 90 percent of the world’s diamonds passed through this structure. Photographer: Simon Dawson/Bloomberg

KEVIN CROWLEY on BLOOMBERG MARKETS | 15 June 2017

“De Beers finds some of its most valuable diamonds on the Atlantic Ocean seabed off the coast of Namibia, and it’s betting there are a lot more to be discovered.

The world’s biggest diamond producer has spent $157 million on a state-of-the-art exploration vessel that will scour 6,000 square kilometers (2,300 square miles) of ocean floor for gems, an area about 65 percent bigger than Long Island. The Anglo American Plc unit mines in the area in a 50-50 joint venture with the Namibian government.”

 

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