Nicky Oppenheimer, the chairman of De Beers, the world’s leading diamond miner, has decided to sell his family’s remaining 40% stake to Anglo American for $5.1 billion. Anglo American is a large mining firm that already owns 45% of De Beers.

It looks a fair price; the diamond industry’s prospects are sparkly. Despite the economic crisis, demand for diamonds is roaring in China, India and the Gulf, where the new rich love wearing bling-bling jewels. By 2015, these countries could be buying as many diamonds as America, which currently accounts for two-fifths of the global demand. Also, American demand is increasing, so diamond prices have risen by over 50% this year.

The advertising slogan of De Beers is “A Diamond is Forever.” A diamond’s timeless mystique and its alluring natural beauty are an integral part of the modern-day ceremony of love, engagement and enduring relationships…at least for those who can afford it!