De Beers has reduced diamond prices by over 10% as it abandons efforts to stabilize a declining market. The industry faces one of its most severe downturns in decades, exacerbated by post-pandemic slowdowns, inflation affecting consumer spending, and a collapse in China's luxury market, alongside competition from man-made diamonds.
Kelp Blue is set to issue Africa's first corporate blue bond next year to support the expansion of its giant kelp forests along Namibia's coast. The De Beers-backed startup plans to list an initial $20 million tranche as part of a four-year program aiming to raise up to 3 billion Namibian dollars ($173 million) on the local stock exchange in 2025.
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