De Beers plots shake-up as diamonds lose their sparkle
- Job cuts expects as diamond miner seems to slash £78m of prices
Dazzling: Taylor Swift was draped in De Beers jewels on the Golden Globes
De Beers is ready to unveil a wide-ranging enterprise technique inside weeks after warning it had been hammered by a droop in diamond costs.
Boss Al Cook is anticipated to put out in additional element what number of jobs will probably be reduce from its 20,000-strong workforce, the way it will slash prices by £78 million a 12 months and which initiatives it is going to promote or shut.
De Beers is the world’s largest diamond miner by worth and is legendary for creating the promoting slogan ‘A diamond is perpetually’ within the Nineteen Sixties.
Cook instructed The Mail on Sunday he needed to ‘rekindle’ the attract of pure diamonds at a time when cheaper lab-grown options have risen in reputation.
As properly as grappling with a droop within the worth of the stones, De Beers’ proprietor Anglo American not too long ago wrote down the worth of the corporate by £1.3 billion.
Cook stated he didn’t anticipate the enterprise to start out recovering till the second half of this 12 months.
