Of the many stories the Rapaport News team wrote in 2024, some gave us pause, many seemed important, and others provided interesting information. However, some were downright surprising, unexpected, and worthy of a “wow.”
From companies that nixed or started using lab-grown, to others that sold off businesses, said goodbye to a CEO, or grappled with alleged employee theft, here are some of the stories that were a bit shocking.
Anglo American to Sell De Beers in ‘Radical’ Restructure
The May announcement that De Beers’ parent company intended to sell the mining giant as part of a strategy to unlock value was one of the biggest “OMG” moments of the year. De Beers has always been a powerhouse in the diamond industry, and one of Anglo American’s core businesses. Not to mention that the company was in the middle of negotiations with the Botswana government for a new sales agreement. After a failed $38.8 billion bid by BHP, the company is still looking for a buyer. It will be interesting to see what 2025 brings.
De Beers to Stop Producing Lab-Grown Diamonds for Jewelry
Just a month after the sale announcement, De Beers managed to shock us a second time, revealing that it would cease creating synthetic diamonds for its Lightbox consumer brand and return its focus to natural. The news was just as surprising as the initial 2018 announcement that the miner was going into the lab-grown trade in the first place.
Chow Sang Sang Opens First Synthetics Location, Expands Line
When the retailer, long known for its high-value jewelry featuring natural diamonds, first started testing synthetics online in 2022, it seemed to represent a very small part of the business, just a dip of the toe. But when the company said it was opening its first physical store featuring lab-grown, Chow Sang Sang took a full-fledged dive into the synthetics pond.
Signet CEO Gina Drosos to Retire
Although people come and go in businesses, the exit of Gina Drosos, who had been at the helm of Signet for 12 years, was a complete surprise. Following years of troubles and issues, her entry on the scene marked a turning point for the jeweler, in which she completely turned the company around.
Macy’s Delays Results Amid Investigation into Employee ‘Hiding’ $154M
As one of the largest department stores, Macy’s has been quite prompt when it comes to reporting its results, whether good or bad. So when the company announced it would delay results because it needed time to investigate an employee “hiding” $154 million, it set tongues wagging.
Gemfields to Halt Some Operations, Sell Businesses Amid Market Woes
The market has been in turmoil all year, with economic challenges playing a major role. However, Gemfields’ decision to curtail many of its operations, including its Zambian emerald business, was enough of a surprise. Its statement that it was considering selling off its iconic Fabergé luxury brand was a complete shock.
Images (clockwise from top left): Gina Drosos; a Chow Sang Sang store in Hong Kong; Lightbox lab-grown diamonds; a Macy’s store in New York. (Signet Jewelers/Shutterstock/De Beers)
