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
Advertisement
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.