10 Questions with De Beers CEO Bruce Cleaver

(nationaljeweler.com) - Late last month, leaders of the gem and jewelry industry in India called on their members to pause rough diamond imports for 30 days, starting today, as the world continues to grapple with COVID-19. Chaim Even-Zohar echoed those calls in a column published on IDEX April 22 in which the longtime industry analyst and journalist made the case for an even longer ban on rough imports in the world’s No. 1 cutting and polishing center. De Beers responded with an open letter from CEO Bruce Cleaver on May 1 that made clear the company’s position on a rough-diamond-buying ban while not expressly mentioning the Indian trade groups’ appeal. “We mine a valuable, finite and depleting resource,” Cleaver wrote in his letter. “We will only sell it when the demand is such that it can create sustainable value for all of us. However, just as we are not compelling our clients to purchase, we strongly believe it is counterproductive for any part of the industry to compel them not to purchase.” Last week, the De Beers boss sat down for a remote interview with National Jeweler to elaborate on the company’s position. He also talked about what consumers will expect from brands after COVID-19, marketing diamonds in a post-pandemic world, and why he thinks the U.S. will remain the No. 1 market for the stones despite the severity of the crisis here. This interview has been edited for length and clarity.