Are The Oppenheimer’s Looking To Leave The Diamond Industry?

Are the Oppenheimer’s fed up with the diamond industry? Probably not, but they indeed might be eyeing other industries to diversify into and eventually leave diamond mining for good.

Speculations as to how the family views the future abound, especially with the cautious venture into retailing with the formation of the De Beers LV diamond jewelry collections and stores created with luxury giant LVMH.

Jonathan Oppenheimer

 

This weekend Oppenheimer heir Jonathan told African economic editors the family would like to set a new business sometime next year, however while not specifying what type of business they have in mined, he did tell Reuters it was “not necessarily” in mining.

The scant details he made available seem to go inline with the Brenthurst Initiative declared by him and his father Nicky Oppenheimer in August. The initiative is a blueprint on how to reform the political and economic environment in South Africa, creating partnerships to achieve growth.

“My African strategy is a simple one,” Oppenheimer said, “It is one of building relationships with like-minded individuals to develop long-term growth strategies,” adding that it will be international in nature.

It is believed that the family, also a major shareholder of diversified miner Anglo American, in turn a 45 percent shareholder of De Beers, is considering a move into the luxury business.