2024 brought a number of unexpected, jaw-dropping stories that surprised even the most seasoned members of the Rapaport News team. While some stories were impactful, others were downright shocking. From major companies pivoting on lab-grown diamonds to high-profile departures and scandals, here’s a roundup of the most surprising events from the year:
- Anglo American to Sell De Beers in 'Radical' Restructure
In one of the year’s most unexpected moves, Anglo American announced plans to sell De Beers, its flagship diamond mining company, as part of a strategy to unlock value. This came as a huge shock, as De Beers has always been a key player in the diamond industry. The company is still looking for a buyer after a failed $38.8 billion bid from BHP. This move sent shockwaves through the diamond world, and 2025 may bring even more surprises as the future of De Beers unfolds. - De Beers to Stop Producing Lab-Grown Diamonds for Jewelry
Just a month after the sale announcement, De Beers shocked the industry once again by revealing that it would stop producing synthetic diamonds under its Lightbox brand. This news was as surprising as the brand’s initial entry into the lab-grown market in 2018. The shift back to natural diamonds marks a significant change for De Beers, leaving many wondering what the future holds for the synthetic diamond market. - Chow Sang Sang Opens First Synthetics Location, Expands Line
Chow Sang Sang, long known for its high-end jewelry with natural diamonds, made waves by opening its first store dedicated to lab-grown diamonds. This move was a significant leap, indicating that the company is fully embracing the synthetic diamond market. What started as a small online test quickly became a major expansion. - Signet CEO Gina Drosos to Retire
After 12 years at the helm of Signet Jewelers, CEO Gina Drosos’ surprise retirement caught the industry off guard. Drosos had played a crucial role in turning around Signet after years of challenges. Her departure marked the end of a transformative era for the company. - Macy’s Delays Results Amid Investigation into Employee ‘Hiding’ $154M
In a stunning revelation, Macy’s announced it was delaying its financial results due to an investigation into an employee allegedly hiding $154 million. This delay raised eyebrows and sparked widespread speculation, highlighting an unexpected scandal for the major department store. - Gemfields to Halt Some Operations, Sell Businesses Amid Market Woes
Gemfields, a major player in the gemstone market, surprised the industry by curtailing many of its operations, including its Zambian emerald business. Even more shocking was the company’s announcement that it was considering selling off its luxury Fabergé brand. The decision came amid market challenges, marking a turning point for the company.
2024 was filled with twists and turns that no one saw coming. These surprising stories reflect the volatility and unpredictability of the industry, and 2025 is shaping up to be another year full of potential shocks.