Gahcho Kué diamond mine earnings fall in ‘disappointing’ market for De Beers JV
Operations at the mine in the Northwest Territories lost C$11 million compared to an income of C$2.7 million in last year’s third quarter.
Diamond Standard Co., developer of the world’s only regulated and market traded natural diamond commodities, announced Tuesday that former Anglo American chief executive Mark Cutifani has joined the company’s board of advisors.
Cutifani was CEO of Anglo, one of the world’s largest mining companies, from 2013 to 2022, and chairman of De Beers, the leading diamond mine operator and marketer of natural diamonds.
Currently, he serves as chairman of Vale Base Metals, which shortly after his appointment raised $3.4 billion from the Public Investment Fund and Ma’aden mining of Saudi Arabia.
Cutifani was formerly CEO of AngloGold Ashanti, a $7 billion market cap mining company producing gold, silver and uranium and a member of the World Gold Council during the development of the SPDR Gold Trust.
The timing of him joining Diamond Standard coincides with the company’s plans to launch listed financial products for diamonds, enabling investors to diversify into an under-allocated asset. Diamond Standard has agreed to develop futures on MGEX via CME Globex and options on MIAX, and previously filed an ETF.
Diamond Standard Fund, the company’s inaugural fund offering, is a collaboration with Horizon Kinetics, a $6.5 billion SEC-registered investment advisor and sponsor of the Inflation Beneficiaries ETF (NYSE: INFL). A strategic partnership with Oasis Pro Markets will allow for this private fund for accredited investors to list on an alternative trading system.
Diamond Standard’s commodities are transparent coins and bars containing geologically equivalent sets of natural diamonds, assembled under supervision of the Bermuda Monetary Authority and internal audit by Deloitte. Bloomberg and Refinitiv publish the daily market price, and the commodities trade on the Diamond Standard Spot Marketplace.
