Headlines

De Beers Likely to Lay Off Workers Due to COVID-19 Pandemic

The company has 20,000 employees in all.

Published

4 years ago

July 30, 2020

INSTORE Staff

De Beers will probably have to eliminate jobs as it copes with decreased demand because of the COVID-19 pandemic, the company’s CEO said.

The diamond miner is overhauling its business, and that “is likely to lead to some job losses,” said Bruce Cleaver, chief executive, according to Reuters.

He added that he “can’t tell you at this point what that number will be.”

The firm has 20,000 employees in all. Reuters reports that the overhaul will involve “a review of mining, rough sales, retail and the corporate centre.”

At $2 million, the company’s earnings before interest, tax, depreciation and amortization (EBITDA) were down sharply in the first half of 2020. De Beers reported EBITDA of $518 million for the first half of 2019.

Read more at Reuters reports

Related Topics: De Beers Latest News Top

INSTORE Staff

Since launching in 2002, INSTORE has won 89 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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