Diamond group De Beers buys out retail partner LVMH

Anglo American's diamond specialist De Beers has bought the 50 per cent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed sum, taking full ownership of the retail operation.

Analysts said the joint venture no longer fitted LVMH's strategy, while Anglo American, which has long dominated global rough diamond sales, has been developing its presence on the high-margin diamond retail market.

LVMH had no comment. De Beers said in a statement that fully integrating De Beers Diamond Jewellers would enable the group to enhance value.

Anglo American, which along with other mining companies has largely recovered