Plan to sell iconic South African giant for R16 billion to an international group run by its former CEO

• The plan to sell De Beers diamond business to an international group run by its former CEO is worth about $1 billion (R16.4 billion).
• The sale comes as the diamond industry faces a deep and prolonged crisis, with gem prices plummeting due to factors such as a collapse in Chinese luxury spending and the rising popularity of synthetic stones.
• The deal still requires agreement from Botswana, which owns a 15% stake in De Beers, and there is no guarantee a deal will be completed or agreed on the proposed terms.