The miner said it would examine De Beers’s value in light of sluggish demand for diamonds as it seeks to exit the business.

De Beers said there were signs of a pick up in US diamond demand before Christmas, while India has overtaken China to become the second-biggest market.

Anglo American expects to book an impairment this year for its De Beers diamond business due to weak market conditions. This announcement comes as the company moves forward with plans to either spin off or sell its diamond business,

The London-listed miner announced Thursday that it will review De Beers’s value as it looks to exit the business, citing persistently weak diamond demand. Last year, Anglo reduced De Beers’s book value by $1.6 billion to $7.6 billion.

Mining giant Anglo American has cut forecasts for its rough diamond output over the next two years, as demand for the stones continues to wane.