Anglo American selling South Africa’s most iconic company for R16.7 billion

• Anglo American is selling its De Beers diamond business for R16.7 billion ($1 billion) to Global Diamond Consortium.
• The sale comes amid a crisis in the diamond market, with gem prices plummeting due to factors such as a collapse in Chinese luxury spending and the rising popularity of synthetic stones.
• The deal is subject to approval from Botswana, which owns a 15% stake in De Beers, and could see additional payments based on the business's performance after the sale completes.