De Beers Rethinks Business After Diamond Collapse Exposes Cracks

Monday, July 27, 2020

De Beers sold around P560 million of rough diamonds in the second quarter

De Beers is considering ways to restructure mines, expand in jewellery and overhaul diamond sales, as the world’s biggest and oldest producer rethinks its entire business in an industry left paralysed by the pandemic.

The company founded by British imperialist Cecil Rhodes in the late 1800s was under pressure even before the coronavirus to reform.

While De Beers boasts one of the world’s most powerful luxury brands, it remains tied to traditions that in some cases have barely changed for decades. Chief executive officer, Bruce Cleaver began a modernisation process after taking over in 2016, and those efforts will be expanded and accelerated.

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