<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/TSmlhb1sb059xSTpecvcrQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MTM-/https://media.zenfs.com/en/afp.com.sg/0968fa9599ff29f900c6581021099295?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="768" height="503" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/TSmlhb1sb059xSTpecvcrQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MTM-/https://media.zenfs.com/en/afp.com.sg/0968fa9599ff29f900c6581021099295"/></p>
<p>博茨瓦纳是全球第二大钻石生产国，仅次于俄罗斯（Monirul Bhuiyan）</p>
<p>尽管拥有传奇的奢华形象，钻石巨头德比尔斯在经历近两年的市场低迷后，仍难以吸引买家，原因在于价格下跌和实验室培育宝石的吸引力。</p>
<p>卖方，矿业巨头英美资源集团，甚至在周四警告称，可能会在这家成立于 130 年前、曾主导全球钻石市场的公司上进行第三次减记。</p>
<p>根据公司记录，这是在去年 29 亿美元的减记和前年 16 亿美元的费用之后，公司的估计价值约为 50 亿美元。</p>
<p>分析师表示，英美资源集团试图剥离其亏损公司的计划不仅受到中国等地矿钻石市场低迷的阻碍。</p>
<p>此外，围绕这笔交易的竞争者众多，包括至少三个撒哈拉以南的政府和各种私人竞标者，使得任何交易都充满了政治色彩。</p>
<p>博茨瓦纳或许是最热切希望获得该公司控股权的国家，该公司负责管理全球钻石贸易，而这对其经济至关重要。</p>
<p>博茨瓦纳及其总统杜马·博科，德比尔斯最大的生产合作伙伴，持有 15% 的股份，曾积极推动在去年达成交易，但未能如愿。</p>
<p>其他富含钻石的国家，如安哥拉和纳米比亚，也表示了兴趣，还有各种主权财富基金和由前德比尔斯首席执行官加雷斯·佩尼领导的财团。</p>
<p>- '无论好坏' -</p>
<p>这是一个复杂的交易，如果成功，将标志着钻石行业 25 年来最重要的转变之一，独立分析师保罗·齐姆尼斯基表示。</p>
<p>&#34;新所有者将有能力从根本上塑造整个行业的未来，无论好坏，&#34;这位钻石行业分析师告诉法新社。</p>
<p>博茨瓦纳的出价凸显了其必须管理这一资源的信念，该资源约占其 GDP 的三分之一，以便捕获更多的价值链并确保其经济未来。</p>
<p>但国际货币基金组织警告这个主要是沙漠的国家，集中更多的国家资源于钻石行业可能会加大财政风险，使其更容易受到全球需求波动的影响。</p>
<p>齐姆尼斯基也对可能导致德比尔斯&#34;国有化&#34;的情况表示担忧。</p>
<p>&#34;一般来说，我认为更私有或资本主义的商业模式比更政府主导或社会化的模式更有效，&#34;他告诉法新社。</p>
<p>&#34;涉及一些私人资金以及具有相关经验的高管是很重要的，&#34;这位美国分析师表示。</p>
<p>- 耐心 -</p>
<p>英美资源集团对销售谈判的细节保持保密，首席执行官邓肯·万布拉德周四仅表示，分离正在&#34;进展中&#34;。</p>
<p>这家矿业巨头在 2024 年宣布，在抵御来自澳大利亚竞争对手 BHP 的敌意收购后，将出售德比尔斯及其煤炭和镍业务，以专注于铁矿石和铜。</p>
<p>&#34;德比尔斯并不是一个单一、干净的资产，它涵盖了采矿、营销和零售，并且包括一个政府合作伙伴，&#34;领先的钻石行业分析师埃达恩·戈兰告诉法新社。</p>
<p>&#34;从买家的角度来看，现在实际上是一个吸引人的时机。从卖家的角度来看，等待市场改善并捕获更多的上行空间是一个有说服力的理由，&#34;他说。</p>
<p>由于年轻买家在传统珠宝上的消费减少，并被更便宜的实验室培育宝石吸引，自然钻石的需求已减弱。</p>
<p>与此同时，美国关税和贸易路线的变化正在扰乱关键切割和抛光中心的流动。</p>
<p>随着该行业经历前所未有的不确定性，零售商和制造商正坐拥多年来最大的抛光石库存。</p>
<p>尽管市场低迷，齐姆尼斯基表示，英美资源集团不会&#34;急于出售&#34;德比尔斯。&#34;他们可以耐心等待，&#34;他补充道。</p>
<p>戈兰表示同意。&#34;我希望结果是一个既能为其运营的社区带来繁荣，又能成功重建消费者对钻石兴趣的公司，&#34;他说。</p>
<p>ho/br/jcb/cw/sbk</p>

英美资源集团

NGLOD

<p>德比尔斯，这家标志性的钻石公司，在自然钻石市场下滑以及实验室培育替代品崛起的背景下，正努力寻找买家。卖方英美资源集团可能面临第三次减记，此前几年已遭受重大损失。博茨瓦纳，作为钻石生产的关键参与者，渴望收购控股权，但由于各种利益相关方和市场条件，出售过程变得复杂。分析师警告称，政府接管可能带来风险，而英美资源集团在寻求有利交易时则保持耐心，因为对钻石的需求正在减弱</p>

<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/TSmlhb1sb059xSTpecvcrQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MTM-/https://media.zenfs.com/en/afp.com.sg/0968fa9599ff29f900c6581021099295" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/TSmlhb1sb059xSTpecvcrQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MTM-/https://media.zenfs.com/en/afp.com.sg/0968fa9599ff29f900c6581021099295"/></p>
<p>Botswana is the world's second largest diamond producer after Russia (Monirul Bhuiyan)</p>
<div class="lb-trans"><p>博茨瓦纳是全球第二大钻石生产国，仅次于俄罗斯（Monirul Bhuiyan）</p>
</div><p>Even with its legendary image of glitz and glamour, diamond icon De Beers has struggled to attract a buyer after nearly two years on a market dulled by falling prices and the allure of lab-grown gems.</p>
<div class="lb-trans"><p>尽管拥有传奇的奢华形象，钻石巨头德比尔斯在经历近两年的市场低迷后，仍难以吸引买家，原因在于价格下跌和实验室培育宝石的吸引力。</p>
</div><p>The seller, mining titan Anglo American, even warned Thursday it may take a third writedown in as many years on the company that was born in South Africa 130 years ago and went on to dominate the global diamond market.</p>
<div class="lb-trans"><p>卖方，矿业巨头英美资源集团，甚至在周四警告称，可能会在这家成立于 130 年前、曾主导全球钻石市场的公司上进行第三次减记。</p>
</div><p>This is after a $2.9 billion drop last year and $1.6 billion charge the year before, bringing its estimated value to about $5 billion, according to company records.</p>
<div class="lb-trans"><p>根据公司记录，这是在去年 29 亿美元的减记和前年 16 亿美元的费用之后，公司的估计价值约为 50 亿美元。</p>
</div><p>Anglo's bid to offload its loss-making company is not only being thwarted by the depressed market for mined diamonds, particularly in China, according to analysts.</p>
<div class="lb-trans"><p>分析师表示，英美资源集团试图剥离其亏损公司的计划不仅受到中国等地矿钻石市场低迷的阻碍。</p>
</div><p>It is also complicated by a crowded field of suitors circling the sale, including at least three sub-Saharan governments and various private bidders, which makes any deal as political as it is financial, they added.</p>
<div class="lb-trans"><p>此外，围绕这笔交易的竞争者众多，包括至少三个撒哈拉以南的政府和各种私人竞标者，使得任何交易都充满了政治色彩。</p>
</div><p>Botswana has perhaps been the most ardent in its ambition to acquire a controlling stake in the company that oversees the world trade in the stones on which its economy depends.</p>
<div class="lb-trans"><p>博茨瓦纳或许是最热切希望获得该公司控股权的国家，该公司负责管理全球钻石贸易，而这对其经济至关重要。</p>
</div><p>Botswana and its president, Duma Boko, De Beers' biggest producer partner with a 15-percent holding, led a determined push to finalise a deal by last year but to no avail.</p>
<div class="lb-trans"><p>博茨瓦纳及其总统杜马·博科，德比尔斯最大的生产合作伙伴，持有 15% 的股份，曾积极推动在去年达成交易，但未能如愿。</p>
</div><p>Other diamond‑rich governments such as Angola and Namibia have also signalled interest, as have various sovereign wealth funds and a consortium led by former De Beers chief executive Gareth Penny.</p>
<div class="lb-trans"><p>其他富含钻石的国家，如安哥拉和纳米比亚，也表示了兴趣，还有各种主权财富基金和由前德比尔斯首席执行官加雷斯·佩尼领导的财团。</p>
</div><p>- 'For better or worse' -</p>
<div class="lb-trans"><p>- '无论好坏' -</p>
</div><p>It is a complicated sale that -- if it goes through -- would mark one of the most significant shifts in the diamond industry in a quarter of a century, said independent analyst Paul Zimnisky.</p>
<div class="lb-trans"><p>这是一个复杂的交易，如果成功，将标志着钻石行业 25 年来最重要的转变之一，独立分析师保罗·齐姆尼斯基表示。</p>
</div><p>&#34;The new owner will be in a position to fundamentally pave the future of the entire industry, for better or worse,&#34; the diamond industry analyst told AFP.</p>
<div class="lb-trans"><p>&#34;新所有者将有能力从根本上塑造整个行业的未来，无论好坏，&#34;这位钻石行业分析师告诉法新社。</p>
</div><p>Botswana's bid underscores its belief that it must manage the resource, which contributes about a third of its GDP, in order to capture more of the value chain and secure its economic future.</p>
<div class="lb-trans"><p>博茨瓦纳的出价凸显了其必须管理这一资源的信念，该资源约占其 GDP 的三分之一，以便捕获更多的价值链并确保其经济未来。</p>
</div><p>But the International Monetary Fund has cautioned the mostly desert nation that concentrating more of its state resources in the diamond sector could heighten fiscal risks and leave it more exposed to swings in global demand.</p>
<div class="lb-trans"><p>但国际货币基金组织警告这个主要是沙漠的国家，集中更多的国家资源于钻石行业可能会加大财政风险，使其更容易受到全球需求波动的影响。</p>
</div><p>Zimnisky was also wary of what could amount to the &#34;nationalisation&#34; of De Beers.</p>
<div class="lb-trans"><p>齐姆尼斯基也对可能导致德比尔斯&#34;国有化&#34;的情况表示担忧。</p>
</div><p>&#34;In general, I think that a more private or capitalistic business model works better than a more government-run or social one,&#34; he told AFP.</p>
<div class="lb-trans"><p>&#34;一般来说，我认为更私有或资本主义的商业模式比更政府主导或社会化的模式更有效，&#34;他告诉法新社。</p>
</div><p>&#34;It is pertinent to have some private money involved as well as executives with relevant experience,&#34; said the US-based analyst.</p>
<div class="lb-trans"><p>&#34;涉及一些私人资金以及具有相关经验的高管是很重要的，&#34;这位美国分析师表示。</p>
</div><p>- Patience -</p>
<div class="lb-trans"><p>- 耐心 -</p>
</div><p>Anglo American has kept details of the sale negotiations under wraps, with chief executive Duncan Wanblad saying on Thursday only that the separation is &#34;progressing&#34;.</p>
<div class="lb-trans"><p>英美资源集团对销售谈判的细节保持保密，首席执行官邓肯·万布拉德周四仅表示，分离正在&#34;进展中&#34;。</p>
</div><p>The mining giant announced in 2024 -- after fending off a hostile takeover bid from Australian rival BHP -- that it would sell off De Beers and its coal and nickel operations in order to focus on iron ore and copper.</p>
<div class="lb-trans"><p>这家矿业巨头在 2024 年宣布，在抵御来自澳大利亚竞争对手 BHP 的敌意收购后，将出售德比尔斯及其煤炭和镍业务，以专注于铁矿石和铜。</p>
</div><p>&#34;De Beers isn't a single, clean asset, it spans mining, marketing, and retail, and it includes a government partner,&#34; leading diamond industry analyst Edahn Golan told AFP.</p>
<div class="lb-trans"><p>&#34;德比尔斯并不是一个单一、干净的资产，它涵盖了采矿、营销和零售，并且包括一个政府合作伙伴，&#34;领先的钻石行业分析师埃达恩·戈兰告诉法新社。</p>
</div><p>&#34;From a buyer's perspective, this is actually an attractive moment to step in. From a seller's perspective, there's a compelling argument for waiting until the market improves and capturing more of the upside,&#34; he said.</p>
<div class="lb-trans"><p>&#34;从买家的角度来看，现在实际上是一个吸引人的时机。从卖家的角度来看，等待市场改善并捕获更多的上行空间是一个有说服力的理由，&#34;他说。</p>
</div><p>Demand for natural diamonds has weakened as younger buyers spend less on traditional jewellery and are drawn to cheaper lab‑grown gems.</p>
<div class="lb-trans"><p>由于年轻买家在传统珠宝上的消费减少，并被更便宜的实验室培育宝石吸引，自然钻石的需求已减弱。</p>
</div><p>US tariffs and shifting trade routes are meanwhile disrupting flows through key cutting and polishing hubs.</p>
<div class="lb-trans"><p>与此同时，美国关税和贸易路线的变化正在扰乱关键切割和抛光中心的流动。</p>
</div><p>As the sector weathers a period of unprecedented uncertainty, retailers and manufacturers are sitting on their biggest polished‑stone stockpiles in years.</p>
<div class="lb-trans"><p>随着该行业经历前所未有的不确定性，零售商和制造商正坐拥多年来最大的抛光石库存。</p>
</div><p>Despite the gloomy market, Anglo would not be &#34;interested in fire-selling&#34; De Beers, Zimnisky said. &#34;They can be patient,&#34; he added.</p>
<div class="lb-trans"><p>尽管市场低迷，齐姆尼斯基表示，英美资源集团不会&#34;急于出售&#34;德比尔斯。&#34;他们可以耐心等待，&#34;他补充道。</p>
</div><p>Golan agreed. &#34;My hope is that the outcome is a company that both brings prosperity to the communities in which it operates and succeeds in rebuilding consumer interest in diamonds,&#34; he said.</p>
<div class="lb-trans"><p>戈兰表示同意。&#34;我希望结果是一个既能为其运营的社区带来繁荣，又能成功重建消费者对钻石兴趣的公司，&#34;他说。</p>
</div><p>ho/br/jcb/cw/sbk</p>
<div class="lb-trans"><p>ho/br/jcb/cw/sbk</p>
</div>

戴比尔斯的销售陷入钻石市场的低迷状态