De Beers Group

Diamond mining giant De Beers is likely to have to cut jobs, its chief executive said on Thursday, as it outlined plans for an overhaul of its business after the coronavirus hit jewellery demand.

The over 130-year-old company had relaxed return policies for its sightholders in last couple of months

De Beers which contributes nearly 35 per cent of the world rough diamond supplies, has projected to cut production of rough diamond supply in 2019 to 31 million carats from 35 last year

Market expected to remain under pressure in near future, says CFO

Who wants to seal an engagement with something whose price makes it appear little better than costume jewellery?

India is poised to topple USA to become the second largest market for De Beers' Forevermark brand of diamonds this year as the company expects to more than double its sales volume in this country this year.China, the brand's leading market, accounts for 50 per cent of sales volume, with USA and India each accounting for 15 per cent. This year, however, India's share of sales volume to the brand's global sales will increase to 20-25 per cent."Last year, our sales volume in India stood at 60,000 pieces. This year, we expect this volume to increase anywhere between 100,000 to 130,000 which will make India the second largest sales volume generator for the Forevermark brand", Stephen Lussier, chief executive officer of Forevermark and executive vice president of marketing at the De Beers Group told Business Standard.As per a report from Indian Commodity Exchange Limited, the USA, China and India are the three major diamond consuming countries globally."We are expanding usage of advanced ...

Interview with Group CEO, De Beers