De Beers looks to restructure as diamond sales plummet

(thenational.ae) - 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 Bruce Cleaver began a modernisation process after taking over in 2016, and those efforts will be expanded and accelerated.