Cutifani was CEO from 2013 to 2022 of Anglo, one of the world’s largest mining companies, and chairman of De Beers, the leading diamond mine operator and marketer of natural diamonds.

The 82-year-old serial investor has dived into something that harkens back to the start of his storied career nearly half a century ago.

Going into 2024, it is likely that miners will release into the market at least some excess stock they hold on any sign of a demand recovery.

The miner has announced a $1.6 billion impairment charge on its De Beers diamond business owing to faltering demand.

Anglo American said it will review its assets after a 94% plunge in annual profit.

Recoveries include a 320-carat gem-quality, an 111-carat Type IIa white stone and two +50-carat stones.

The Canadian miner said it will supply HB Antwerp with rough diamonds of 10.8 carats and above for 10 years.