(Bloomberg) — Anglo American Plc (AAL.L) took another writedown on its struggling De Beers diamond unit, and posted a slide in profit, as the miner moves ahead with a radical overhaul of its business.

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Last year Anglo, in the process of fending off a $49 billion approach from BHP Group (BHP), announced a restructuring that would leave its business focused on iron ore and copper. So far the plan has gone well. Anglo has agreed to sell its coal and nickel mines and is on course to exit platinum later this year. That just leaves De Beers to go.

Yet the diamond industry is in the midst of a crisis. Demand has collapsed in China, a crucial market, and lab grown alternatives continue to win share in some segments of the market. Anglo said Thursday it was taking a $2.9 billion impairment on the value of De Beers after last year taking a $1.6 billion writedown.

Anglo reported a 15% fall in underlying earnings to $8.46 billion, while cutting its final dividend by 46% from the same period in 2023. 

Anglo joins its major mining peers in posting declining profits. Rio Tinto Group (RIO.L), BHP and Glencore Plc (GLEN.L) have all reported falling earnings this week. Iron ore has been under sustained pressure from China’s property crisis, while coal — a key Glencore earner — has slumped in the face of a supply glut.

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