De Beers is a diamond firm long synonymous with the gem. It takes its name from two South African brothers on whose land diamonds were discovered in the 19th century. It was jointly founded (with another magnate) by Cecil Rhodes, a Victorian imperialist. Its slogan "A diamond is forever", coined in 1947, helped revive interest in diamonds after the Great Depression.
De Beers is owned by Anglo American, which is preparing to sell the firm. Its estimated value has fallen to $2.3bn from $12.75bn in 2011, owing to the slump in natural diamonds driven by cheap lab-grown alternatives. Botswana holds a 15% stake and accounts for 72% of the firm's production. The country set up Debswana, a joint mining venture with De Beers, in 1969.
Both Botswana and Angola are pondering bids for a larger stake. Efforts by De Beers to develop a retail line have been unsuccessful. The most profitable part of the firm remains mining.
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