De Beers is finding some of its best diamonds not from traditional mines, but from a place you might not expect — the ocean floor.
The company has set up an operation called Debmarine Namibia off Africa’s Atlantic coast, the Wall Street Journal reports. Debmarine is a joint venture between the company and Namibia’s government.
From 400 feet below sea level, De Beers is uncovering “some of the world’s highest-quality diamonds,” according to the newspaper. As a result, it’s increasing its investment in the operation, with plans to add a new sampling ship at cost of $166 million.
On its website, the De Beers Group explains: “The Orange River that carried diamonds from the centre of South Africa millions of years ago also also deposited its precious cargo across the ocean floor.”
At the moment, seafloor diamonds make up 4 percent of the company’s yearly production total. But because of their high quality, they account for a much larger share — 13 percent — of total value.
Debmarine holds the right to mine a 2,300-square-mile area offshore. So far, it has covered less than 3 percent of that.
Advertisement
Read more at the Wall Street Journal.
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
