China Enters Diamond Finance?
With the additional financial backing of $18.52 billion from the Chinese and Singaporean governments, Barclays’ revised offer of $93.3 billion for ABN Amro – the world’s leading diamond financier – sets the stage for an all out bidding war with the RBS-led consortium, which has offered $98 billion for the Dutch bank.
Backlash Against De Beers
De Beers director Jonathan Oppenheimer, angered the South African minister of minerals and energy, Buyelwa Sonjica, with his comments that diamond beneficiation had its limits and would need subsidies from the government in order to be successful. “One moment De Beers commits to beneficiation in this country. Next moment they are sending this message,” the minister shot back.
