Ziamond has learned that after a three-month internal review, De Beers (the diamond giant) has cut about 25 percent of its UK staff, this has been confirmed by a DeBeers Spokesperson to a large trade publication. It is part of the company’s efforts to “move our cost base to a level that reflects the current economic climate,” she said. The sting of the worldwide economic crisis, and subsequent slowdown in diamond sales, has forced De Beers to scale back across the board.
In Africa, DeBeers has drastically reduced, and even halted, production at a number of its mines due to decreased demand from its sightholders. Don’t be surprised if this is not the only actions DeBeers takes to reduce it’s costs. What’s next…maybe lower diamond prices? Somehow we doubt it, it’s probably a good excuse to raise pricing since DeBeers is cutting back the supply in the market place.
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