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Berkshire Hathaway Inc. Message Board

  • Novalis_97 Novalis_97 May 5, 1998 12:46 PM Flag

    Buffett bought De Beers

    From British paper The Independent

    "Mr Buffett was also asked about his
    decision to invest in De Beers Centenary, the South
    African company that is the world's largest diamond
    producer. Mr Buffett said: "I probably got my first annual
    report from De Beers in 1952 or 1953. So I've got
    40-some years of their reports and we haven't bought any,
    but we went 30 years between silver purchases too."

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    • I appreciate all of the comments on the meeting
      and the newspaper links. I am confused however. Did
      Buffett buy Debeers or not? The article says that he has
      but the quote indicates that he has not.

      have owned Debeers in the past, as long as 17 or 18
      years ago. It has a substantial store of value ( for
      instance, its diamond inventory is carried at LIFO and has
      been for as long as I have been familiar with the
      company). I worry about the ability to maintain its
      position in the diamond market much more than I am
      concerned with than the political situation in South
      Africa. I don't know much about Debeers because they quit
      sending annual reports into the US. I write and ask for
      one. They write back and say no. ( I am not a Debeers
      shareholder now ). So any clarification on this would be much

      I am at a loss to the reason for not
      providing transcripts of the meeting however.

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